Land Development Agency receives €356 million social housing property transfer from NAMA
The National Asset Management Agency (NAMA) has completed the transfer of its social housing vehicle, National Asset Residential Property Services DAC (NARPS), and its portfolio of 1,366 homes to the Land Development Agency (LDA). This significant move marks a considerable contribution to increasing social housing availability in Ireland over the past decade.
Since its inception in 2014, NAMA's NARPS initiative has been effective in delivering a substantial volume of social housing. According to the 2024 Annual Report and Financial Statements summary, NAMA has facilitated the delivery of 2,957 homes specifically for social housing, excluding those delivered under Part V arrangements on NAMA-funded developments.
In 2024 alone, NAMA helped deliver 361 homes and had 81 homes under construction as of early 2025, indicating ongoing activity in housing supply. Financially, NARPS contributed €356 million as part of a broader €800 million funding allocation in 2024, underscoring the significant investment backing these social housing efforts.
The NARPS portfolio of homes was devised in 2012, with the aim of leasing homes as quickly as possible to Local Authorities and Approved Housing Bodies (AHBs) for people who need social housing. By setting up a special company for this purpose, NAMA was able to negotiate at scale with developers and receivers, taking ownership of homes so they could be leased directly to Local Authorities and AHBs.
The LDA's chief executive, John Coleman, has stated that today's transfer is an example of cooperation between two State bodies. Mr. Coleman looks forward to working with Local Authorities and AHBs, as the LDA will now manage the national portfolio of 1,366 homes previously owned by NARPS.
Minister for Finance, Paschal Donohoe, is pleased to confirm that NARPS will remain in State ownership. This decision fulfills an important "Housing for All" commitment and continues NAMA's phased and orderly wind-down.
NAMA's chief executive, Brendan McDonagh, described the NARPS social housing vehicle as a groundbreaking initiative to fast-track the delivery of social housing using assets in the NAMA portfolio. The transfer of 1,366 residential units to the LDA ensures that NAMA's contribution to the social and economic development of the State continues beyond its dissolution at the end of this year.
The €356m value of the NARPS portfolio will form part of NAMA's lifetime surplus, which is being transferred to the Exchequer. This contribution includes a lifetime surplus of €5.05 billion and corporation tax payments of about €450m. Minister Donohoe is confident that NAMA will complete its remaining deleveraging activity professionally and with commitment before its dissolution.
In summary, NAMA, through NARPS, has made a considerable contribution to increasing social housing availability in Ireland over the past decade, delivering thousands of units and maintaining a pipeline for further developments. This suggests the initiative has been a valuable component of Ireland’s social housing infrastructure response, backed by strong financial investment and ongoing project activity.
While no direct comparative effectiveness data or detailed assessment of social outcomes from NARPS specifically were found, the volume of homes delivered and investment scale indicate meaningful impact in meeting social housing demand. NAMA is set to leave a lasting and significant positive legacy in the social housing sector.
The significant investment backing social housing efforts by NAMA, through initiatives like NARPS, has facilitated the delivery of numerous homes over the past decade, with a focus on real-estate and business activities geared towards increasing social housing availability. In 2024, NARPS contributed €356 million towards financing this cause, signifying a substantial investment in the finance industry.
