The Full Council gave its unanimous approval for the Municipal Institute for Housing and Renovation (IMHAB) to seek an additional eighty million euros in funding from Europe’s public bank for the construction of over two thousand public homes with affordable rents in the city.
The funding from the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB) will thus amount to 264.2 million euros, covering 85% of the investment for 31 housing developments and 2,059 publicly owned rental homes.
The IMHAB is set to sign a new loan with the European Investment Bank for 36.2 million euros, extending its existing loan of 59 million euros, and with the Council of Europe Development Bank for a further 44 million euros. The IMHAB will receive the funding needed as work of the various projects is executed.
These operations will allow public housing to be built with affordable rents for over 5,100 people. Most of the projects, the first of which are now ready, should be completed in the next three years.
The funding from the European public bank is essential so that 80% of all new housing by the City Council can be for rent and at the same time the city can meet the goals in the Right to Housing Plan 2016-2025. The other 20% of new housing corresponds to formulas such as leases and cohousing projects, but always with formats which guarantee the land and the use of the housing remains under public ownership and control.