NAMA can play significant role in addressing Dublin housing crisis
Labour spokeperson on Urban Regeneration Joe Costello has said that NAMA can play a significant role in addressing the Dublin housing crisis. Mr Costello said:
“The Labour Party welcomes the Government’s conversion to the idea of involving NAMA in the provision of social and affordable housing. The Labour Party Housing Spokesperson, Jan O’Sullivan, has already proposed that NAMA be given a major role in addressing the housing crisis.
“Nama’s role could be particularly valuable in the Dublin area where the housing problem is most acute and where NAMA has most indebted property under its control.
“NAMA is already building substantial quantity of houses, mainly in joint ventures with its debtors and new developers on the Dublin Docklands. It has a profit in the region of €3 billion from its sales of properties and land so it would be in a strong position to fund a large housing construction programme. However, NAMA is due to be wound up next year, the vast majority of the property under its control has been disposed of and the €3 billion is to go to the Exchequer under the NAMA legislation.
“Clearly NAMA would need access to other property such as State and Local Authority land which is lying idle at present and which could accommodate in the region of 130,000 units in Dublin alone. It would need to be able to retain its existing expert personnel and recruit further and it would need to be able to retain the €3 billion it is due to hand back to the Exchequer next year.
“Some legislation would be necessary to redirect and strengthen NAMA’s powers but if the Government were to agree to forego the €3 billion return on the indebted properties inherited by NAMA, then NAMA could start immediately to expand its role into a major house-building body.
“Speed is of the essence and we cannot allow the housing and homeless crises to continue for another generation.
Contact Joe Costello O872450777