Action Logement widens its losses in 2021

The Action Logement group, France's leading social landlord, announced on Friday that it had suffered a net loss of 2021 billion euros in 1,37, the product of its massive investment plan.

The former 1% Logement, piloted by employers and unions and financed by a levy on companies (PEEC), has increased its activity in all directions: production and renovation of housing, aid for professional mobility, Visale rental guarantee, etc.

In total, it invested some 12,5 billion euros.

"An institution like Action Logement is not there to achieve results, it is there to deploy its social utility in all territories", justified the group's president, Bruno Arcadipane.

Since 2019, the group, sitting on several billion euros in cash, has embarked, under pressure from the State, on a colossal voluntary investment plan (PIV).

Last year, it obtained more than 48.000 permits to build social and intermediate housing, a record, and more than a third of the national total.

Its leaders still want to accelerate the pace of construction in 2022, despite the economic difficulties: inflation, shortage of materials, effects of the war in Ukraine, etc.

"We are France's leading donor and it is impossible for us not to have extremely strong ambitions", declared Bruno Arcadipane.

The number of beneficiaries of the Visale guarantee, intended for those under 30 and extended to all employees earning less than 1.500 euros net per month, amounted to 230.000, with a target of 330.000 for 2022 and 500.000 in the long term.

In 2022, the last year of its investment plan, the group should remain in the red, to return to equilibrium in 2023.

"The major challenges for the future, for us, after the period of very strong mobilization of PIV reserves which continues in 2022, it will be to find from 2023 a balance between our resources and our expenses", affirmed the General Manager Nadia Bouyer.

A recurring subject of squabbles with the State over its funding, Action Logement was deducted in 2021 from one billion euros for the benefit of the National Fund for Housing Assistance, in addition to its participation in urban renewal or the program Heart of the city action.

Revenues fell by 300 million euros, the State having waived compensation for the exemption from the PEEC for companies with 20 to 50 employees.