Housing: 10 billion funding for social landlords

Julien Denormandie, Secretary of State for Territorial Cohesion, at a press conference at the Elysee Palace in Paris, April 4, 2018

Caisse des Dépôts (CDC) will provide with the assistance of Action Housing ten billion euros of new funding to social landlords to build and renovate their homes, said Thursday the Secretary of State for Cohesion of the territories.

“Caisse des Dépôts will give 10 billion euros, its general manager will detail this 10 billion euro this morning (…), to support the construction of social housing,” said Julien Denormandie on CNews.

“It was a commitment we had made, to support the financing of social landlords who build more and renovate,” he recalled after these organizations saw their resources cut by 1.7 billion euros. euros in 2018.

These “new means” are broken down into “4 billion euros of fixed-rate loans, 2 billion of equity loans” (considered as quasi-equity) financed by Housing Action (the former 1% Housing). , “3 billion cash assistance and 1 billion investment,” that detailed the Secretary of State to AFP.

Added to Bedroom Designs-and-decorations payday loan consolidation financing is “an extension of the debt that social landlords have contracted with the CDC” to finance the construction of their existing building stock, said Denormandie.

Wednesday was presented in the Council of Ministers Bill Elan (Evolution of Housing, Development, and Digital) which provides for a major reorganization of the sector.

Social landlords – now numbering 723, in the Social Housing Union (USH) – will have to regroup by 2021 when they manage less than 15,000 housing units, in order to reduce their costs. On Wednesday they signed an agreement with the state.

Expected to the National Assembly “end of May” for adoption “in the summer or just after and an application from the fall,” said Mr. Denormandie, the Elan Bill also provides for make the allocation of social housing more transparent and increase the turnover rate of the park.

“This is very low, around 9%, while about 6% of social housing have a free room,” Denormandie told AFP.

Housing Allocation Boards will be required to review the tenants’ situation every six years.

Those with higher incomes will have to pay a “superpower”, while households living in housing that are too big will be offered a smaller one. The changes will be made on a voluntary basis.

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1. https://en.wikipedia.org/wiki/Payday_loans_in_Canada
2. https://www.paydaynow.net/
3. https://www.bloomberg.com/news/articles/2017-04-10/bros-don-t-let-bros-lend-money
4. http://www.afr.com/real-estate/financing-more-buyers-harry-triguboff-cites-tougher-chinese-capital-controls-20170507-gvzt5f