NARPS
National Asset Residential Property Services D.A.C. (NARPS) was established in July 2012 to expedite social housing delivery at a time when there were many barriers to quick and efficient delivery in the sector, including a lack of capital funding.
NARPS has developed strong partnerships with a number of AHBs and certain developments delivered through this tenure have received awards, in the areas of excellence and collaboration, from the Irish Council for Social Housing and the Chartered Institute for Housing.
The infographic shows that the NARPS model operates as follows:
- NARPS purchases suitable housing units from NAMA debtors and receivers at full market value
- In many cases, NAMA funds necessary remediation and completion works prior to the purchase of units by NARPS
- NAMA directly leases the properties to Approved Housing Bodies (AHBs) or local authorities (LAs) for immediate social housing use.
- The lease terms are for a 20 year period.
During the delivery process, NARPS engages with the following stakeholders:
The Housing Agency liaises with the local authorities in relation to their social housing needs to confirm whether demand exists in an area. The Housing Agency also nominates AHBs, where applicable, through an expression of interest process.
The Local Authority confirms demand for social housing units having regard to sustainable communities and an appropriate mix of housing tenures. They consider the appropriate delivery mechanism (i.e. lease directly or AHB to lease) and consults with the Housing Agency on proposed rental levels requested by NARPS. They also execute the lease funding documentation.
The Approved Housing Body (AHB) nominates the tenants and manages the properties during the lease term, paying quarterly rent to NARPS. Prior to the delivery of units, the AHB engages with NARPS to ensure tenant needs are catered for and each property is finished to a high standard.
Examples of properties acquired by NARPS and leased to AHBs are shown here