The National Asset Management Agency (NAMA) is stepping up efforts to free up vacant properties around the country for social housing.

It has set up a new company to acquire the target of almost 2,500 properties by the end of next year.

Less than 60 properties have been freed-up for social housing since NAMA was set up 3 years ago.

The new company is a special purpose vehicle called NAMA Asset Residential Property Services Limited.

It will take possession of properties deemed suitable allowing the original owner to reduce what they owe on the NAMA loan.

NAMA will then lease the property directly to the local authority or housing organisation.

200 properties will acquired by the end of the year with the majority in the greater Dublin area.

The remainder of these are in Cork.

A further 2,200 have been identified and will become available sometime in the future.