RIGA, Feb 13 (LETA) - Rigas Nami municipal company has concluded an agreement with the Central Finance and Contracting Agency to raise EUR 10 million from the European Regional Development Fund (ERDF) for a new social housing project, the company's spokesman Janis Bunte told LETA.

The project provides for the construction of a new social apartment house with around 250 apartments, substantially increasing the municipal housing stock and shortening the waiting time for people in need of housing.

Up to 10 percent of the apartments in the building will be adapted for the needs of people with reduced mobility. The average size of the apartments will be about 30 square meters, each with a separate kitchen area and bathroom.

The total cost of the project is projected at EUR 15.38 million, of which up to EUR 10 million will be provided by the ERDF and EUR 5.38 million by Rigas Nami as co-financing.

A tender for the construction design of the apartment building will be launched shortly, and the new housing is expected to be completed by the end of 2029. The project will be implemented by Rigas Nami as the client, providing full-cycle project management, procurement, construction supervision, and financial management.

There are 1,491 people registered for housing assistance in Riga, and 745 households waiting in line to rent a social apartment.

Rigas Nami closed 2024 with a turnover of EUR 27.5 million and a loss of EUR 178,650. The company belongs to Riga local government.