Sept. 14 (Bloomberg) -- The European Investment Bank is considering a loan of as much as 480 million euros ($628 million) for the Housing Finance Corporation Ltd. to build low-rent energy efficient homes in the U.K.
The EIB finance would pay for programs to retrofit older properties or build new ones mainly in London, the European Union’s lending arm said today in a statement on its website. The total cost is about 959 million euros and each building program would cost less than 50 million euros, the bank said.
The Housing Finance Corporation, based in London, makes loans to social landlords who provide affordable homes to tenants in need of housing. The organization funds itself through bond issues and bank borrowing, according to its website.
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