Ra’anana advances affordable housing projects for young couples
Posted on 28. Jan, 2010 by Buy-It In Israel Staff in Israel Real Estate
©iStockphoto.com/Sean Prior
Ra’anana Mayor Nahum Hofree is advancing plans to promote municipal construction projecs for affordable housing tailored to the needs of young couples in the city. Property prices in Ra’anana have skyrocketed in recent years as a result of high demand by an affluent population often consisting of foreign resident buyers and high-tech people against an ever shrinking supply of available housing. This situation has made it almost impossible for young couples wanting to buy their first apartment in order to stay in or move to Ra’anana.
For this reason, the mayor of the city, is pushing to promote affordable housing projects which are expected to bring down sales prices by 20% compared with similar projects in the designated areas.
The Raanana Municipality is advancing the promotion of three new projects with the planning institutions in order to increase the supply of housing in the city and to provide a solution to the high demand and to meet the needs of many young families. The Raanana plan 2015, which includes the construction of 3,500 residential units. The Raanana plan 2014 Neot Uzi, which includes the construction of 400 residential units, of which 250 will be affordable housing units, is awaiting approval by the regional committee and the Raanana plan 2016 that includes 160 residential units designated as affordable housing.
In the coming decade, the municipality is planning to promote additional projects in the city’s southern and western sections, so that in total the projects up for discussion at the planning commissions will provide an additional 8,000 residential units in the next two decades.
Furthermore, the municipality is encouraging apartment committees to make use of the TAMA 38 program for strengthening buildings and to date, the local committee has approved 8 plans, of which 3 building permits have been issued and work has begun to strengthen the buildings and property in Israel. The municipality said that the local committee will be reviewing many additional requests.
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