Building - Construction funding to increase by one billion euros in NRW
The promotion of social housing construction in North Rhine-Westphalia is to be increased to 2.7 billion Euro from the current 1 billion Euro in this year. This was confirmed by the NRW Ministry of Building in Düsseldorf in response to an inquiry.
"The state government has 1.7 billion Euro earmarked for this year in the budget. So far, approximately 170 million Euro of this has been approved by the municipalities. However, the application volume is much higher," stated NRW Minister of Building Ina Scharrenbach (CDU). "Therefore, the committees of the NRW.Bank are currently dealing with the government's proposal to make 2.7 billion Euro of funding available instead of 1.7 billion Euro for this year."
This would enable the housing industry and construction industry to be supported, while also creating and modernizing new housing. The total funding volume for public housing subsidies consists of financial resources from the state of North Rhine-Westfalen, the federal government, and loans from the state-owned funding bank.
- The increase in funding for social housing construction in North Rhine-Westphalia, from 1 billion Euro to 2.7 billion Euro, will significantly impact the residential construction sector in NRW.
- Düsseldorf, being the location of the NRW Ministry of Building, will play a crucial role in implementing the government's decision to enhance building promotion in the region.
- The proposed change in funding for residential construction in North Rhine-Westphalia, from 1.7 billion Euro to 2.7 billion Euro, will likely attract more applications from the housing industry.
- The North Rhine-Westphalia government's plan to increase building promotion funds by 1 billion Euro is aimed at improving social affairs by providing and modernizing housing in the area.
