Santander Totta Funds First Rehabilitation Project Under IFRRU 2020

23 January 2018

The first urban rehabilitation project carried out under the IFRRU 2020 program will be financed by Santander Totta. The project envisages the complete rehabilitation of a building located in the parish of Santa Maria Maior, in Funchal (Madeira), will cost 645,000 euros and is expected to be completed by June.

Santander Totta said in a statement that “it has 713 million euros available for the financing of urban rehabilitation and revitalisation projects under the IFRRU 2020 Program – Financial Instrument for Urban Rehabilitation and Revitalization.”

“Santander Totta is the bank with the largest credit line available for financing companies and individuals with urban rehabilitation projects,” the equivalent of “53% of the total,” the bank said in the document, which revealed that of the 713 million euros, 375 million euros are funds provided by Santander Totta and €338 million come from IFRRU 2020 funds.

IFRRU 2020 provides a total of €1.4 billion for interventions aimed at the complete rehabilitation of buildings aged 30 years or more, for abandoned spaces and industrial units, and interventions in private fractions located in social housing buildings, which are subject to full rehabilitation.

The financial instrument permits the concession of loans on terms that are more advantageous than those offered on the market. Of the total amount, €700 million come from public funds (national and community) and the remaining €700 million are being made available by three banks (Santander Totta, BPI, Millennium BCP).

Original Story: Idealista

Translation: Richard Turner