Building - Construction funding to increase by 1.5 billion euros in NRW
The funding for social housing development is to be increased by an additional 1.5 billion Euro. In addition to the previously announced billion Euro for this year, an additional half a billion Euro for 2023 will be allocated, announced Landesbauministerin Ina Scharrenbach (CDU). Last year, more funds were tied up than were available in the plan.
This means that a total of 10.5 billion Euro will be available until 2027. For the years 2025 to 2027, it will be 1.9 billion Euro each year. The public housing promotion is the stability anchor that the construction and housing industry currently needs, said Scharrenbach. "North Rhine-Westphalia remains on the right course," she added.
From 2025, the initial interest rate in all funding areas will be 1.0%, and the maximum interest rate reduction period will be 30 years. For the new construction of housing for apprentices and students, the maximum term can still be 40 years.
Ina Scharrenbach, the Minister for Building and Housing in North Rhine-Westphalia (NRW), made this announcement in Düsseldorf. The additional funding for social housing development will primarily benefit the Residential construction sector in NRW. The increase in funding totals an additional 1.5 billion Euro, with half of it allocated for 2023. This will contribute significantly to the Government's Building promotion initiatives. Furthermore, Scharrenbach highlighted that the public housing promotion serves as a vital stability anchor for the Construction and housing industry.
