This is one of Emmanuel Macron’s priorities from May 10, 2023. In an interview challenges On that day, the President of the Republic gives an invitation “Look at how to develop more intermediate rental housing (LLI) for reduced prices, because of the housing crisis.” Ten months later, the state has given birth to just over one billion euros with the Caisse des Dépôts and fourteen insurance companies to finance the construction of 10,000 LLI, housing for the middle class too rich and too poor for low-rent housing (HLM). . Private park. Apart from that, real estate professionals did not wait for Ministers of Economy Bruno Le Maire and Ministers of Housing Guillaume Kasbarian to start.
Contract signing next week
The day after the president’s announcement, CDC Habitat, the housing subsidiary of the Caisse des Dépôts, announced a check of 3.5 billion euros to order 17,000 new housing units from real estate developers, including 12,000 intermediate housing units (LLI). Fifteen days later, it was the turn of French social housing, Action Logement’s leading lessee and developer, to negotiate the acquisition of 30,000 new housing units, including 15,000 LLI.
According to our information, CDC Habitat has now purchased 12,000 intermediate housing units as planned and produced 23,000 additional LLIs. For its part, Action Logement is in the process of acquiring 15,000 intermediate housing units during the period 2023-2024, knowing that at the same time, the joint body obtained about 17,000 approvals for LLI last year. CDC Habitat and Action Logement are also scheduled to meet on March 20 at the Ministry of Ecological Transition to sign the agreement.
” The document we will sign on Wednesday aims to provide a roadmap for the development of the intermediate rental housing segment. Complemented with social housing. It is a holy union of public and private actors with an ambition to double LLI’s production in the next three years. », Confirms, for GalleryCosta Kastrinidis, DLoan Director Banque des Territories (Caisse des Depots group).
Inherent commitments taken by Attal and Caisse des Dépôts
In early November 2023, traveling to Dunkirk (North), Prime Minister Elisabeth Bourne announced in fact a commitment of 500 million euros by the State and the Caisse des Dépôts and by institutional investors ” Double » Construction of Intermediate Rental Housing (LLI) by 2026. In other words, go from 15,000 LLI per year to 30,000 by 2026.
An objective taken by his successor, Gabriel et al., at Matignon during his general policy speech on January 30, 2024. Before the National Assembly, the new Prime Minister announced the introduction of intermediate housing in municipalities subject to Unity and Urban Renewal (SRU). . This text requires certain mayors to own 25% of social housing in their territory. In all likelihood, a bill will be introduced “before summer” In this sense.
The government is also counting on the Caisse des Dépôts which, late last year, also committed to providing 250 million euros to a fund dedicated to the production of intermediate housing called FLI3, managed by CDC Housing and managed by Ampère Gestion. ” at the bottom will increase Debt andIt will make it possible to increase the investment capacity to put its own funds into production and rent management and thus meet the needs of the middle class. », BDT’s Loan Director Costa Kastrinidis continues.
Lending to social landlords
Above all, the government wants to activate the public credit lever amid the credit crisis, which is hampered by rising interest rates. With this in mind, the Banque des Territories has already released 5 billion euros for the period 2023-2024 after being authorized by the Bercy. “We have thus become a major financier of intermediate housing with social landlords for their direct assets or for their subsidiaries. Whoever the borrower is, we lend at booklet rate A + 140 points”, explains its loan director Costa Kastrinidis.
With an average amount of 5.85 million euros, the loan benefits from a grace period of up to 20 years. ” This allows time to build housing and collect rent before payments are made Capital », Justifies Costa Kastrinidis of the Bank of the Territories.
Insurance companies around the table
For their part, about ten insurance companies Also committed to invest directly or indirectly in LLI.
” The presence of insurance companies (in the government scheme announced on Thursday, editor’s note) is good news. They can either invest in FLI3, Either choose another vehicle or invest directly. Ampere does not lend but will understand fund raising, Complementary to 250 million from the Caisse des DépôtsnearInsurance companies that want », The Bank of the Territories lines the Costa Kastrinidis.
All is now almost ready to relaunch the LLI, a pillar of the Macronist plan to solve the housing crisis. Especially since the Finance Bill of 2024 The interim rental housing regime made it possible to extend it to new territories, renovation of old housing and managed residences for students, young workers or seniors, but the government must clarify the details next Wednesday.
The fact is that this product is not universal. According to the Social Union for Housing, only 3% of HLM residents are eligible for interim rental housing.
