Institutional investors, such as banks and insurers, are called upon to further finance intermediate housing in a report commissioned by the government and revealed on Monday.
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The General Inspectorate of Finance, which reports to Bercy, and the General Council for the Environment and Sustainable Development, which reports to the Ministry of Ecological Transition,
"were contacted in order to assess the determinants of a rise in institutional investors in the field of intermediate rental housing ”
, according to this document which AFP has taken note of. The need for intermediate housing, these apartments with capped rents which allow the middle classes to live in large cities, close to their place of work, is
“between 180,000 and 420,000 new units over a decade, ie an investment in equity of around 20 to 45 billion euros over the period "
, underlines this report, made public by the daily Les Echos on the occasion of its submission to Parliament.
One of the main sources of financing for this type of housing, the “Pinel” system, will gradually disappear by 2024. It is intended for future owners who intend to rent their property: they are entitled to purchase assistance. if they commit to charging below market rent.
Set up a "tax credit"
While institutional investors were only spending 6.3% of their assets on real estate at the end of 2019, and only 1% on residential housing, the report's authors are encouraging them to change the composition of their portfolio. To do this, these actors do not necessarily expect
"massive state intervention",
but the establishment of a
"legal, economic and fiscal environment that is both stable and predictable,"
says the report. On the other hand, in order to
"facilitate the fluidity of the market"
is to remove the reluctance of the municipalities in the face of this type of housing which does not bring in any tax revenue, since it is exempt from property tax. The report proposes to replace this exemption by
“A tax credit”
Another gesture aimed at municipalities:
"end the criterion consisting in imposing at least 25% of social housing within intermediate housing programs to benefit from the reduced rate of VAT set at 10%"
, a derogation that would apply in municipalities respecting the quotas set by the SRU law.
Another avenue for attracting capital from institutional investors calls for extending the tax advantages they enjoy to the renovation of housing in the case of the construction of new intermediate housing.