The National Asset Management Agency (NAMA) is stepping up efforts to free vacant properties around the country for social housing.

NAMA has reportedly set up a new firm called Nama Asset Residential Property Services Limited, to acquire the target of almost 2,500 properties by the end of 2013.

-- Advertisement --

Fewer than 60 properties have been freed up for social housing since NAMA was set up three years ago.

It will take possession of properties deemed suitable, allowing the original owner to reduce what they owe on the NAMA loan.

NAMA will then lease the property directly to the local authority or housing organisation.

(CD)