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NAMA & Social Housing: Good Progress in First 3 Months of 2013

NAMA & Social Housing: Good Progress in First 3 Months of 2013
30 Apr 2013


The first three months of 2013 saw contracts signed or transactions completed in relation to a further 110 properties made available by NAMA for social housing, including both houses and apartments[i]

This brings the total delivered under this initiative to end-March 2013 to 339.  Of this total transactions are complete in relation to 263 properties and contracts are signed in relation to 76 other units, where finishing out works are underway. Further detail on the transactions under the initiative in the first quarter of 2013 is available at

Minister for Housing and Planning, Jan O’Sullivan, TD, welcomed today’s announcement.  “The first three months of 2013 saw good progress in securing additional NAMA units for social housing.  60 transfers were finalised and these houses and apartments will now provide high-quality, secure social housing for families in need of housing.  In addition contracts in relation to 50 other homes were completed and works are now underway to prepare these properties for tenants.  All partners contributing to this process, NAMA, the Housing Agency, the approved housing body sector and my own Department, are working together to ensure that progress continues in 2013.”

Brendan McDonagh, Chief Executive, NAMA said“NAMA has identified over 4,000 houses and apartments that could potentially be suitable  for social housing and of this number local authorities have confirmed demand in respect of over 1,500 properties to date.  The progress that is now being made in terms of delivering these houses and apartments reflects the positive engagement between all those involved in this process. 

“This is exemplified by the significant work undertaken in the second half of 2012, including the establishment by NAMA of a Special Purpose Vehicle and substantial agreement on standardised lease terms.  We are now seeing the positive impact of this work, which is underlined by the fact that in recent weeks NABCO became the first approved housing body to enter into an agreement to lease properties from the NAMA SPV under the lease terms.  We believe that this is an example of what can be achieved under this initiative.  NAMA is committed to delivering as many social housing properties as is feasible and will continue to work assiduously with the Minister and our partners in the Department of the Environment,  the Housing Agency, local authorities and approved housing bodies to achieve our shared objective in this regard”.

The Housing Agency is working with local authorities and approved housing bodies to co-ordinate the delivery of social housing. The Agency is ensuring that as many suitable homes as possible from the NAMA portfolio are secured. Chief Executive, John O’Connor, said “We must continue to provide as many homes as we can from NAMA. The investment in finishing off and occupying vacant housing is of benefit both to individual families and the wider community.”

[i] NAMA, in conjunction with the Minister for Housing and Planning, the Department of the Environment, Community and Local Government, the Housing Agency, Local Authorities and Approved Housing Bodies, is working to facilitate the sale or lease of NAMA debtor or receiver residential properties for social housing purposes.  NAMA, working closely with these bodies, has also established a special purpose company to take ownership of properties where there is an established demand – thereby enabling the direct negotiation of leases with local authorities and approved housing bodies.