THE NEW Nama-controlled company to fast-track the provision of social homes has been welcomed by social housing groups and the construction industry.
Nama Asset Residential Property Services Ltd was incorporated last month to acquire vacant properties from Nama debtors for use by local authorities and housing associations.
Fewer than 60 social houses have been made available through Nama since the agency was established to acquire development and land loans three years ago.
Minister for Housing Jan O’Sullivan said she expected the establishment of the new company, known as a special purpose vehicle, would result in more than 2,000 social houses being made available by the end of next year.
Donal McManus, Irish Council for Social Housing executive director, said the fast-track approach would provide some relief to thousands of families on waiting lists.
“The establishment of a special purpose vehicle will be crucial in accelerating the transfer of properties for social housing. To date transfers have comprised a circuitous route involving a range of stakeholders such as borrowers, lenders, receivers and Nama.”
Construction Industry Federation director general Tom Parlon said “many different aspects of Irish society” would benefit.
In addition to providing social homes in a more timely manner, the creation of a separate company would allow Nama to concentrate on managing the national assets at its disposal, he said.
People Before Profit TD Richard Boyd Barrett described the company as a “scam” to use public money to pay off developers’ debts.
“This is yet another outrageous scam and rip-off of the public being dressed up as some sort of good news story,” he said. “The reality is that public money will be used to pay off the gambling debts of developers and speculators.”
The Simon Community said some of the properties should be for the homeless. “This must be pursued as a matter of urgency as more people are at risk of homelessness, more people will become homeless and more people will turn to the Simon Communities for support.”
The new company will take possession of debtor properties. This will allow the debtor to reduce what it owes on its Nama loan. The company will then lease the property directly to the local authority or housing association.
