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Gov't finances rented flat construction and upgrade

The government decided yesterday to offer Ft 60 billion as a loan next year for municipalities to build and renovate rented flats, daily Népszabadság reported. The loan, which will be available from state-owned Hungarian Development Bank (MFB) Rt, will have a grace period of 25 years and an interest rate of less than 5%, minister without portfolio István Kolber said. Municipalities that apply for the program will have to contribute with 5%-10% of the total sum spent on apartments. The government expects the construction or renovation of about 10,000 apartments over the life of the program.