Ludwigshafen am Rhein will witness the construction of 29 affordable housing units following a funding commitment from the state of Rhineland-Palatinate. The Palatina Wohnen GmbH will receive loans totaling approximately €6.4 million and redemption grants of around €2.9 million from the Investment and Structural Bank of Rhineland-Palatinate (ISB), according to a statement released Tuesday.
Minister President Alexander Schweitzer presented the funding notice to Palatina Wohnen GmbH investors Sebastian Bäumler, Elisabeth Bäumler-Vivell, and Frank Wolf, alongside ISB board member Dr. Ulrich Link. The project, located at Am Weidenschlag, will include 25 barrier-free apartments. Rental and occupancy commitments for low-income households will extend for 30 years.
“In Rhineland-Palatinate, everyone should be able to afford a livable home. My state government and I are committed to the creation and preservation of affordable housing,” Schweitzer stated. “Together with the ISB, we offer a broad spectrum of attractive funding programs. I am all the more pleased that we will be supporting the construction project of Palatina Wohnen GmbH in Ludwigshafen.”
The investors emphasized the importance of the funding. “We see a matter close to our hearts to create affordable, climate-friendly and inclusive housing for Ludwigshafen. We thank the ISB, without whose support this would not be possible,” said Bäumler, Bäumler-Vivell, and Wolf in a joint statement.
Ludwigshafen’s Mayor and Treasurer Andreas Schwarz highlighted the significance of the project for the city. “Affordable housing is the foundation for social stability, equal opportunities and the attractiveness of our location. Projects like this strengthen our districts, promote diversity and create prospects for many people,” Schwarz said. He described the funding handover as a demonstration of shared responsibility and trust between public authorities and private investors.
Dr. Ulrich Link of the ISB stated that the funding would not only create urgently needed affordable and climate-friendly housing in Ludwigshafen but also enhance the quality of life in the area. The ISB, as the state’s promotional bank, finances and supports social housing projects. According to the ISB, the funding will allow for a monthly rent of €7.45 per square meter for low-income households.
Palatina Wohnen GmbH is also currently developing the “City Quartier” project in Kaiserslautern, offering modern and accessible living spaces, according to the company’s website. The company, headquartered in Kaiserslautern, also undertakes commercial property projects and renovations.
