EIB helps Livie accelerate affordable housing construction in France
BATIGERE Network subsidiary Livie and the European Investment Bank (EIB) – the EU bank – yesterday announced the signature of a €125 million financing agreement. This first operation between the EIB and Livie is an important step in accelerating the construction of affordable housing in France.
- €125 million loan granted to BATIGERE Network subsidiary dedicated to building affordable housing in France
- 1 500 home builds planned over five years for 3 500 residents
- Operation guaranteed by the European Fund for Strategic Investments (EFSI)
The EIB loan, guaranteed by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe, will support Livie's development by financing 1 500 new homes. It will thereby provide the company with the financial resources it needs to support the launch of its vast programme.
These 1 500 affordable homes will be financed and delivered over the next five years across the country, particularly in densely populated areas with increasing pressure on access to housing. Priority will be given to the Île-de-France, Grand Est, Sud (Provence-Alpes-Côte-d'Azur) and Rhône-Alpes regions, which have some of the most heavily populated metropolitan areas in France (Paris, Marseille, Lyon, Nice and Strasbourg), as well as the urban areas of Nantes, Toulouse and Pau.
This operation will enable middle-income workers whose incomes are too high for social housing but often have difficulty finding accommodation on the private market to access quality housing with affordable rents. In particular, this issue affects many employees engaging in professional mobility, mainly in large towns and cities.
In addition, this project will help create a more balanced local residential market, with sufficient housing to meet the current needs of middle-income households, i.e. mostly professionals who are key to a functioning society. It will also make a significant contribution to urban renewal, cohesion and improving living standards for middle-income households. Over 3 000 residents will benefit from these homes, the construction of which will create 3 300 jobs per year during the construction phase. Lastly, each home built will meet the highest environmental standards, in line with the EIB's commitments to financing the best performing climate action projects.
By providing a solution to this key issue in under-pressure areas, Livie is closing one of the missing links in the residential sector by facilitating access to housing for a very large portion of the population, providing them with the option of delayed purchase of their home over the long term. This product is an important driver of economic development for the host communities.
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