The National Asset Management Agency said it 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.
The portfolio of 1,366 homes owned by NARPS are leased on long-term leases to Local Authorities and Approved Housing Bodies (AHBs) for people who need social housing.
The transfer means the homes in the portfolio will remain in State ownership.
NAMA said the €356m value of the portfolio will form part of the agency's lifetime surplus, which is in the process of being transferred to the Exchequer.
Brendan McDonagh, NAMA's chief executive, said the NARPS social housing vehicle, which was devised in 2012, was a groundbreaking initiative to fast-track the delivery of social housing using assets in the NAMA portfolio.
"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 we could deal directly with Local Authorities and Approved Housing Bodies to lease them as quickly as possible," Mr McDonagh said.
"It's an initiative that has been very successful and very effective in delivering homes for people who need them and we're delighted that NAMA will leave a lasting and significant positive legacy in the social housing sector," he added.
John Coleman, the LDA's chief executive, said today's transfer was an excellent example of co-operation between two State bodies to ensure the valuable social housing portfolio remains in State ownership.
"The LDA will manage this national portfolio, and we look forward to working with the Local Authorities and Approved Housing Bodies whose support for this initiative has been so crucial to its success," Mr Coleman said.
The NAMA Board is projecting that the agency's lifetime contribution to the Exchequer will be €5.5 billion, including NAMA's lifetime surplus of €5.05 billion and corporation tax payments of about €450m.
The Minister for Finance Paschal Donohoe said he was very pleased to confirm that NARPS will be retained in State ownership, delivering on an important "Housing for All" commitment while continuing NAMA's phased and orderly wind-down.
He said the transfer of 1,366 residential units to the LDA ensures that NAMA's contribution to the social and economic development of the State will continue beyond its dissolution at the end of this year.
"I am confident that NAMA will complete its remaining deleveraging activity with the utmost professionalism and commitment in advance of its ultimate dissolution subject to enactment of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill," he added.
