At least €76 million for residential construction at difficult locations

Kajsa Ollongren, Minister of the Interior and Housing, initiated a scheme for residential construction at locations where businesses premises stand vacant or are underused. The Dutch central government and BNG Bank are each reserving €38 million for this purpose.

A number of provinces will also be investing funds in boosting this transformation.

With this Transformation Facility, minister Ollongren hopes to increase residential construction in popular urban areas. Although outdated industrial estates and office parks are often located in attractive spots, plans are often hampered by insufficient advance financing. This advance financing is required to prepare the locations for residential construction.

BNG Bank will double the contributions

The new facility will ensure short-term loans in the initial phase, allowing residential construction to be sped up. This involves loans with a maximum term of five years at a maximum amount of €3.5 million per project. If projects meet the scheme's conditions, BNG Bank will double the Transformation Facility contributions. Other banks and regional development companies can also participate.

The scheme's impact will be further enhanced by creating a revolving fund where interest and repayments are used to make new loans. The Dutch Municipal Housing Incentive Fund (In Dutch: SVN, Stimuleringsfonds Volkshuisvesting Nederlandse gemeenten) will act as point of contact for interested parties or those initiating a project. The SVn will also implement and manage the scheme.

Official opening in Zaanstad, near Amsterdam

To mark the occasion, Minister Ollongren visited the official opening of the Achtersluispolder in Zaanstad. This transformation location, found where Zaanstad and Amsterdam meet, could accommodate some 8000 homes and might well profit from the new scheme.

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