Resolution of Unfinished Housing Estates

Since 2011, NAMA has advanced funding for site resolution works on unfinished housing estates (UFHEs) in which it has an interest as a secured lender. In 2010, NAMA had exposure to 335 unfinished housing estates. By end-2018, that figure had reduced to three and by end-March 2019, NAMA’s exposure had reduced further to just two unfinished housing estates. four unfinished housing estates. Strategies are in place for each of these remaining estates, with remediation work underway in respect of two. Resolution strategies are agreed and in place for the two remaining housing estates.

This represents major progress in resolving the issue of unfinished housing estates and it has been facilitated through funding advanced to debtors and receivers to enable them to undertake remedial and completion works to unfinished estates.

This progress largely reflects the impact of funding to debtors and receivers to undertake remedial and completion works to the unfinished developments, in many cases, unfinished housing estates in their entirety. In some cases, unfinished housing estates have been provided for social housing use following remediation by NAMA.

Examples of unfinished housing estates remediated as part of NAMA’s social housing programme include:


Aisling, Ennis, Co Clare



Before
After


The Boroughs, Douglas, Co Cork



Before
After