Fianna Fáil Spokesperson on Housing Barry Cowen TD also said that NAMA should be reconstituted by giving it an additional mandate to enable it to manage housing development on public owned sites on behalf of Local Authorities.
He said: "The Government is looking for a vehicle that can borrow off the general Government and Local Authority balance sheets. However NAMA can already achieve this and has a special purpose vehicle for social housing delivery on the lands it manages for its debtors and receivers.
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"NAMA already funds the acquisition of social housing on NAMA funded sites via the National Asset Residential Property Services. NAMA provides these houses to local authorities and Approved Housing Bodies on long term leases. However under the NAMA Act, the agency cannot become linked to the acquisition, management or funding of non-NAMA assets. This includes development on state lands. This needs to be re-examined.
"Rather than setting up a new quango, I propose that the NAMA Act be amended to give NAMA an additional mandate to deliver residential development on Local Authority owned sites, state and semi-state owned lands. This would work mainly for large and medium sized mixed tenure developments, including private, affordable and social housing.
"NAMA would work directly with developers to get the best deal for Local Authorities. This would ensure there is a consistent affordable and social housing dividend from each site. NAMA has the specialist expertise which Local Authorities – and frankly the Department of Housing – do not have, in land, asset and financial management. The Government should be looking to put this expertise to good use."
(CD/MH)
