£9m NAMA Funding For Dundonald Housing

The National Asset Management Agency (NAMA) is to provide funding of £9m to build a 95-unit housing development in Dundonald, Belfast.

The new development will be located in Millmount.

Responding to the announcement, Finance Minister Sammy Wilson said: "The release, and more importantly the development of the Millmount site is welcome news. It will provide much needed business and employment for the construction sector and will generate activity in the property market once complete.

"NAMA has had a difficult job to do in restoring liquidity, stability and confidence in the Irish financial sector, but this is an example of the positive role the Agency can play in Northern Ireland.

"I had previously called on NAMA to manage the significant assets it controls in Northern Ireland carefully and had sought and received assurances that it would not engage in any sort of 'firesale'. This is evidence of NAMA taking a longer term measured view in this regard."

"I am also pleased that NAMA is examining the potential for extending its 80/20 Deferred Payment Initiative to Northern Ireland. This is another measure, along with the Executive's Co-ownership Scheme that is designed to provide home buyers with the confidence and a route to buy their own home. Any steps in this regard which can boost activity in the local property market are to be clearly welcomed."

Concluding the Minister said: "I understand NAMA plans to release and develop further assets like Millmount in the future and I look forward to meeting with the NAMA Chairman Frank Daly next week to discuss the Agency's future plans."

(IT/H)