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The total value of the investment is around 28 million euros, between funds from IHRU and Câmara de Faro
The Municipality of Faro will have around 28 million euros to materialize a program of construction of social housing and at controlled costs, to be implemented in the next four years, under the protocol with the Institute of Housing and Urban Rehabilitation (IHRU), approved by the Chamber Meeting.
The mechanism for accessing these funds is the Housing Access Support Program (1st Right), a state program that aims to promote the right to decent housing and which is part of Faro’s Local Housing Strategy, an instrument approved by the Municipal Assembly on 26 November 2018.
The total investment amount is 27,996,789.37 euros, with a non-refundable contribution from the IHRU of 11,939,725.43 euros. The rest of the financing will be made through the contracting of a subsidized bank loan, of 15,278,408.01 euros, and of the Municipality’s own funds of around 800 thousand euros.
Within the scope of this agreement, and the execution on the ground of the 1st Law program, the construction of 205 dwellings is planned, 49 of which are intended for the relocation of fishermen from Praia de Faro and the rest to needy families in the municipality. In parallel to this process, the City Council is also in the process of proceeding with the construction and sale of 90 housing units at controlled costs.