RIGA, Sept 27 (LETA) - Development Finance Institution Altum will grant a loan of EUR 5.98 million to Ventspils municipal real estate company Ventspils Nekustamie Ipasumi for construction of low-rent housing on Saules Street, representatives of Ventspils Nekustamie Ipasumi informed LETA.

According to the company, the loan will be issued by Altum as part of the European Union Recovery and Resilience Facility's investments for construction of low-rent housing.

Ventspils Nekustamie Ipasumi is planning to build a total of 60 new apartments.

At the end of the summer, Pillar Contractor was awarded the design and construction contract following an open tender procedure. The contract with Altum and Pillar Contractor will be signed in early October.

The project is to be implemented by August 2026. Of the 60 new apartments, about two-thirds will be three-room apartments, while the rest will be one- and two-room apartments.