Recent figures show only 2% of housing units - identified by NAMA as suitable for social housing purposes - have actually been delivered to date.
At the end of September 2014, NAMA had identified 5,482 units for potential use as social housing, however only 12%, or 669, had actually been delivered, with a further 257 committed.
Finance Spokesperson Deputy Michael McGrath said: "The delivery of social housing through NAMA has been a tortuous process. It is very disappointing that over half of the houses and apartments put forward by NAMA will never reach the point of being used to alleviate the massive social housing waiting list in the country. Section 2 of the NAMA Act 2009 obliges the agency to contribute to the 'social and economic development of the State'.
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"Notwithstanding the progress that NAMA has made on repaying its debt, it is difficult to conclude that the agency is fulfilling its mandate to contribute to the social development of the State. NAMA is now entering the final phase of its work in 2015 with suggestions that it may be wound up well ahead of its original 2020 end date.
"As of now, it looks like it will deliver less than 2% of the entire social housing needs of the country. This is despite its position as the entity in effective control of the largest property portfolio in the country.
"We need to examine urgently why so few of the units put forward to date have actually come to fruition."
(CD/JP)
