Minister Donohoe confirms the transfer of NARPS to the Land Development Agency
- Foilsithe:
- An t-eolas is déanaí: 2 Iúil 2025
The Minister for Finance Paschal Donohoe welcomes the transfer of National Asset Residential Property Services D.A.C (“NARPS”) from NAMA to the Land Development Agency (“LDA”). The NARPS SPV includes 1,366 residential units and was established by NAMA in July 2012 to aid in expediting social housing delivery across the State.
Commenting on the transfer, Minister Donohoe said:
“I am very pleased to confirm that NARPS will be retained in State ownership, delivering on an important “Housing for All” commitment while continuing NAMA’s phased and orderly wind-down.
"The transfer of 1,366 residential units to the LDA ensures that NAMA’s contribution to the social and economic development of the State will continue beyond its dissolution at the end of this year.
"Alongside its projected lifetime surplus of €5.5 billion, which includes the NARPS portfolio, NAMA’s engagement with Local Authorities and Approved Housing Bodies to facilitate the delivery of social housing has served the public interest to a significant extent.
"I would like to thank all stakeholders for their engagement throughout this process.
"I am confident that NAMA will complete its remaining deleveraging activity with the utmost professionalism and commitment in advance of its ultimate dissolution subject to enactment of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill.”
Notes
NAMA established National Asset Residential Property Services (NARPS) in July 2012 as an innovative model to expedite social housing delivery.
The establishment of NARPS was a direct response to challenges being experienced at that time in the availability of funding for delivering social housing.
The NARPS portfolio comprises 1,366 properties leased to Local Authorities and Approved Housing Bodies.
In 2019, NAMA was directed by the Minister for Finance to retain ownership of NARPS, to ensure that NARPS would remain in State ownership and form part of any potential transfer of assets from NAMA prior to its dissolution.
As part of NAMA’s wind down, two residential developments sites with significant value-add potential will also remain in State ownership and will transfer from NAMA to the LDA with capacity for c. 4,000 homes prior to the dissolution of NAMA.