Richard Boyd Barrett
Ceist:198. Deputy Richard Boyd Barrett asked the Minister for Finance the amount NAMA paid out to developers for repair and maintenance of properties it once owned. [36342/17]
Amharc ar fhreagraWednesday, 26 July 2017
Ceisteanna (198)
Freagraí scríofa
I am advised that NAMA does not own properties. Rather its role is as a secured lender and the properties remain under the control of the debtor, or where enforcement has taken place, the appointed receiver/administrator.
I am advised that from inception to May 2017, NAMA has spent over €73m on remediation works on property securing its loans. This funding has had the effect of preserving and increasing the value of these assets, resulting in an increased return to NAMA when they are ultimately sold.
Works which have been carried out as part of this funding include remediation works to unfinished estates, ensuring completion of properties and site works and bringing developments into compliance with all planning and housing legislation. I am advised that a number of former unfinished estates are now being utilised for social housing purposes through the mechanism of NAMA’s social housing vehicle, NARPS.
Question No. 199 answered with Question No. 130.