PLN 374 mln loan from BGK for new government social housing program

The State Development Bank of Poland (Bank Gospodarstwa Krajowego, BGK) is participating in a social rental housing program, providing 45 investors (59 applications) with PLN 374 million loan. The proposal applications concern the co-financing of the construction of 2,996 apartments with a total investment value of PLN 591 million. "It's a new government program to build affordable housing or apartments for rent with a limited statutory rate of rent," declared BGK's Director of Housing Department Dariusz Stachera. 52 percent of projects are destined for big cities (population over 100,000), 45 percent are for medium (from 20,000 to 100,000 residents) and only 3 percent of applications are for small towns. The first apartments of the new social program should be completed by the second half of 2017.