Nama funds delivery of 12,000 housing units since 2014

The National Asset Management Agency (Nama) has funded the delivery of more than 12,000 residential housing units since 2014, according to its latest figures.

The agency's quarterly report to Minister for Finance Paschal Donohoe shows that it generated a total of €2.1 billion in cash in the nine months to the end of September last year.

This resulted in an after-tax profit of €447 million for the period, nearly double what it was the previous year.

As part of the Government’s bid to address the housing crisis, the State’s bad loan agency has been providing funds to debtors to build new homes since 2014.

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Nama said it had “ facilitated the delivery” of 12, 100 residential units between the start of 2014 and November 2018, with 8,708 units delivered directly through Nama funding.

Another 3,429 units have been delivered or are under-construction on sites which have been sold by the State agency or where the associated loans have been sold or refinanced, it said.

Nama also noted that a further 9,000 units are either under construction or have secured planning permission while sites with a delivery capacity of almost 7,300 units are in the planning pipeline. It claimed to have exceeded its social housing delivery target of 2,000 units.

On its Dublin Docklands’ Strategic Development Zone, the agency said it originally held an interest in 75 per cent of the developable land, an area of 22 hectares. It said delivery strategies and planning permission have been approved for all of its docklands sites. These sites are expected to contribute more than 4.2 million sq ft of commercial space to the capital dockland redevelopment programmer, including about 2,200 residential units.

The agency has generated €43.8 billion in cash between its foundation and September 30th last year. It is on course to generate a surplus of about €4.5 billion, a multiple of the original €1 billion target.