The first financing contract for the IFRRU 2020 in the Algarve has already been signed, with the bank Santander Totta, and is intended for the full rehabilitation of a building intended for housing, for rent, in the center of Faro, with a total investment of 669 thousand euros.
Four applications, with an investment of 13 million euros, have already been submitted to IFRRU 2020 in the Algarve region, one of which has just been completed in this first financing contract.
According to the Algarve's Regional Coordination and Development Commission (CCDR), according to data from INE, there are 17.531 buildings in the region that are very degraded or in need of large or medium repairs.
The contract for Faro it is the seventh IFRRU 2020 contract signed across the country since the opening of applications five months ago.
By the end of March, 62 applications were formalized, totaling 203 million euros in investment, seven financing contracts were signed (3 in Funchal, 1 in Lisbon, 1 in Porto, 1 in Elvas and now this one in Faro), with 389 investment intentions in the pipeline, with a total investment of over one billion euros.
IFRRU 2020 is financed by European Union funds, namely through the PO CRESC Algarve2020 under Portugal 2020, and also by loans taken out for this purpose by the State from the European Investment Bank (EIB), of the Development Bank of the Council of Europe (CEB), together with funds made available by selected banks, which leverage public funds.
IFRRU 2020, Financial Instrument for Urban Rehabilitation and Revitalization, is a public policy instrument that brings together different sources of financing, namely public funds (European Funds of Portugal 2020, EIB – European Investment Bank and CEB – Development Bank of Portugal Council of Europe) and private funds made available by the selected banks to grant these loans (Santander Totta, BPI and Millennium BCP).
IFRRU 2020 is the largest urban rehabilitation incentive program launched in Portugal, with a financing capacity of 1400 million euros, potentially generating an investment of around 2.000 million euros.
It provides loans on more favorable terms compared to those on the market, for the complete rehabilitation of buildings, intended for housing or other activities, including the most appropriate integrated energy efficiency solutions within the scope of this rehabilitation.
In a single request for financing, which can be made at any branch of the commercial network of selected banks – Santander Totta, BPI and Millennium BCP, integrating the investment in urban rehabilitation and energy efficiency of the property to be rehabilitated, IFRRU 2020 financial support is granted. through financial products of two types (non-cumulative), loans and guarantees.
Learn more at: https://www.portaldahabitacao.pt/pt/portal/reabilitacao/ifrru/
Contact the IFRRU 2020 Management Structure via email [email protected]
And the Municipalities of Albufeira, Castro Marim, Faro, Lagoa, Lagos, Loulé, Olhão, Portimão, São Brás de Alportel, Silves, Tavira, Vila Real de Santo António.
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