Housing Minister Jan O'Sullivan announced in August that a new company was being set up by NAMA to fast-track the provision of 2,000 homes for social housing.
The agency initially designated some 484 properties its officials felt were suitable.
But this figure has been drastically reduced.
Eight properties have been selected for allocation in the city, with the possibility of a further 60 months later.
A ministerial spokesman admitted today that the "slow rate of transfer" was a cause of concern. "It has been the subject of discussions between Ministers Hogan and O'Sullivan and NAMA," he said.
In a response to a question by independent councillor Nial Ring, a senior Dublin City Council official said negotiations are taking place in relation to just eight properties.
"An Approved Housing Body (AHB) is at an advanced stage in negotiations to lease eight of the properties from NAMA.
"It is anticipated that these will be available for allocation in late 2012 or early 2013," said Peter Ayton.
"A second AHB is currently at the early stages of negotiations in relation to 60 properties.
"However, it is not anticipated that these will be available for allocation before the second quarter of 2013."
Cllr Ring described the slow transfer rate as "an absolute disgrace".
"Originally the Government indicated that 2,000 social houses would be acquired through NAMA. This is an absolute disgrace and the Government's social housing plans are in tatters," he said.
In a statement, NAMA said: "The agency is working with AHBs and other stakeholders to facilitate the use of units for social housing as quickly and as efficiently as possible."