Sunday 28 December 2014

NAMA could fund 4,500 new homes in capital

Paul Melia Environment Correspondent

Published 12/04/2014 | 02:30

STATE bad bank NAMA can help fund 4,500 new homes in Dublin to meet demand from families hoping to move to larger properties.

The agency said financing for viable projects was available, and that it would help fund developments which promoted proper planning.

Head of Asset Management Mary Birmingham told the Irish Planning Institute's annual conference in Limerick there was increased demand emerging for housing in the Dublin area.

It could fund as many as 4,500 new homes in the next three years, with 200 sites under its control that were zoned for residential use.

The comments come as the Government prepares to launch its construction strategy in the coming weeks, which aims to boost the flagging sector and deliver thousands of new homes.

Changes to the planning system are also likely to allow developers change existing planning permissions to deliver family-sized units instead of smaller flats.

Ms Birmingham said some 2,600 homes could be delivered in the Dublin Docklands area across 22 hectares. NAMA had an interest in 70pc of the entire development area.

"Funding development and completion of commercially viable projects is an important part of NAMA's strategy to enhance recoverable value," she said.

"Close to €1bn has already been approved and €580m drawn down for projects in Dublin, Cork, Drogheda, Galway and Kildare.

Irish Independent

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