In 2013, NAMA established a special purpose vehicle (National Asset Residential Property Services Limited ‘NARPS’), to take ownership of properties where there is an established demand for social housing and then lease them on a long-term basis to an approved housing body (AHB) or local authority. In these projects, NAMA funds the remediation of the common areas and the completion of the unfinished units, which are often the last remaining incomplete and vacant units in estates. When the units are complete, NARPS purchases the finished properties and leases them immediately to an AHB or local authority. Information in relation to the number of leases, broken down by AHB and local authority, is available on the NAMA website (updated to end-March 2020), at the following link:
All NARPS leases are 20 years and 9 months in duration. The total cost of NARPS leases in 2019 was €11,116,511 and the total cost in 2018 was €12,126,909. Leasing costs prior to 2018 are available on a cumulative basis only and, as such, it is not possible to give a breakdown of the cost of NARPS leases before that date.
The ownership of the properties remains with NARPS at the expiration of the lease term. Following a direction by the Minister for Finance in 2019, NARPS will be retained in long term State ownership. NAMA will transfer NARPS to the State at the direction of the Minister for Finance and this comprises €300 million of the projected €4 billion surplus. This reflects the current value of the portfolio, based on lease income.
The tenancy and property management of the dwellings is a matter for the relevant local authority or Approved Housing Body.