The development finance institution ALTUM's loans for improving the technical condition of multi-apartment buildings have been used by 154 houses across Latvia so far, with the total loan amount reaching 10 million euros. Within this program, it's possible not only to carry out repair work but also to prepare technical documentation and design, as well as to purchase land under the buildings.

The state support program "Multi-apartment Building Repair Loan" funding is mostly used for facade repairs, foundation insulation, roof replacement or insulation. The loan is also used for elevator and balcony repairs, water supply and sewage repairs, heating system improvements, and other common area enhancement works.

So far, the most state support has been utilized in Riga and the surrounding area, as well as in Kurzeme – with these regions submitting 40% and 36% of applications, respectively. From multi-apartment buildings in Vidzeme, 12% of applications were received, in Zemgale – 10%, and from buildings in the Latgale region – 2% of all applications.

Ieva Vērzemniece, Head of ALTUM's Energy Efficiency Programs Department, explains: "The housing stock in Latvia is aging, and it's no secret that the technical condition of many multi-apartment buildings is very poor. This support program is an effective way for a multi-apartment building to borrow resources for individual repairs or more complex construction work. Our experience shows that the average loan amount for house repairs is 67 thousand euros, while the average loan amount per square meter of the house is 64.30 euros."

Repair loans can also be received for the preparation of technical documentation in the building energy efficiency program, receiving support for non-recoverable cost financing. Since last summer, repair loans can also be used to purchase land under multi-apartment buildings.

One of the projects that received a state loan is a wooden building on Kalnciema Street in Riga. The loan amount is 90.1 thousand euros, planned for the demolition of the street facade, basement insulation and finishing, facade restoration, troughs and downspouts renewal, and the creation of concrete borders. The project is also co-financed by the Riga City Council with 24 thousand euros, aimed at partial repayment of the loan principal.

The funding was also utilized by a building in Riga, Dagda Street 3, which borrowed 71.4 thousand euros for the work. The project plans facade restoration and the renewal of troughs and downspouts. Meanwhile, in the building on Anniņmuižas Boulevard, it's planned to spend 23 thousand euros on water supply and sewage riser replacement.

Apartment owners are invited to apply through an authorized person if they have received a loan rejection from credit institutions. More about the program and its conditions: https://www.altum.lv/pakalpojumi/iedzivotajiem/daudzdzivoklu-maju-remonta-aizdevums/. The website provides various document samples, calculators for loan calculation.

About ALTUM:

Development Finance Institution ALTUM is a state-owned capital company that, with the help of state support financial instruments, provides support in the form of financial instruments (loans, guarantees, investments in venture capital funds, etc.) within specific programs, complemented by non-financial support (consultations, mentoring), and implements other state-delegated functions. In June 2017, ALTUM received the international credit rating agency Moody's long-term credit rating of Baa1 for a state-owned capital company, confirming ALTUM's stable financial situation. On October 24, 2017, ALTUM's bonds were included in the regulated market - the Nasdaq Riga Baltic Debt Securities list. ALTUM received the Nasdaq Baltic Awards 2019 award in the nomination "Stock Exchange Event of the Year in Latvia".

Additional information:

Sandra Eglīte

ALTUM Public Relations Manager

T: 26577810

sandra.eglite@altum.lv