About the project
The Affordable Social Housing
The latest project being undertaken by the company is the funding of the Affordable Housing project. The company has identified a shortage in affordable housing in the market and has acquired land from the Government to develop circa 768 apartments, 514 Lock-up garages and 161 parking spaces. On 28 June 2017, the company entered into two credit facility agreements with the European Investment Bank and the Council of Europe Development Bank for the purpose of financing the construction of a number of affordable housing units in Malta. The facility has been granted for a 25-year term and amounts to €53.7m. The company will, subsequent to the acquisition of the sites, proceed to issue EU–wide open tenders to appoint third-party key contractors to build the sites. Following completion, the company will lease directly to persons in possession of a certificate from the Housing Authority at arm’s length and commercial rates commensurate with the type of apartment and location. The subsidy available to these persons by the Housing Authority will be directly payable to the company.