Banque des Territoires mobilizes a record budget for intermediate housing

"We have become the leading financier of intermediate housing, and we want to go further," said Olivier Sichel, CEO of the CDC.

Intermediate rental housing (LLI) is capped by the State at between 15% and 20% below private rental market prices and is aimed primarily at the middle classes.

"Intermediate housing is a fundamental trend that is developing today to allow social landlords to achieve a form of diversification" of revenue and which "responds to a need" at a time when the private rental market is shrinking, explains Kosta Kastrinidis, deputy director of the Banque des Territoires.

The construction of intermediate housing by social landlords has surged in recent years with the acquisition of real estate projects by developers who were struggling to sell their stock in the midst of the new housing crisis.

This trend is now "normalizing," according to Kosta Kastrinidis: the Banque des Territoires expects to finance between 15.000 and 20.000 intermediate housing units in 2025, after 30.000 in 2024.

For Emmanuelle Cosse, president of the Social Housing Union, developing intermediate housing is "interesting", but it "responds to low needs" and social landlords must "first and foremost produce social housing".

In a 2020 report, the National Social Housing Control Authority (Ancols) estimated that "intermediate housing could meet the demand of 3,8% to 12,3% of households" who were waiting for social housing.

Since their creation in 2014, 155.933 intermediate rental housing units (LLI) have been launched, a quarter of which will be in 2024, according to the government.

In addition to the LLI, the Banque des Territoires will also provide one billion euros to lessors for the construction of very social housing in the districts affected by an urban renewal project.

Between January and August 2025, more than 20 billion euros have already been provided to social landlords, according to Olivier Sichel, who expects a new record for loans to the social housing sector, after the 20,9 billion euros mobilized in 2024.

"The Banque des Territoires finances the construction of two out of five homes in France," assured the director of the CDC.