Malta’s citizenship by investment program (IIP) to fund construction of 500 social housing apartments. A MOU was signed between NDSF and Housing Authority.
This €50 million social housing project is financed by the National Development and Social Fund.
I welcome the #MOU which has just been signed between #HousingAuthority & #NDSF to built 500 #SocialHousing appartments. The funds being used for this project are coming from the #IIP programme. We are truly making a difference. @JosephMuscat_JM @MaltaGov pic.twitter.com/Gqsrctx1lE
— Julia Farrugia Portelli (@JuliaFarrugia) February 6, 2019
PM Muscat described the €50 million project financed by the NDSF to build 500 new units as the biggest investment in social housing for decades. Some 3,000 people on the authority’s waiting list, reported Malta Today.
An important milestone in the €50million investment in #social #housing by the National Development and Social Fund, finances through #Malta #Citizenship by Investment Programme -JM pic.twitter.com/ZhUmhQzFtZ
— Joseph Muscat (@JosephMuscat_JM) February 6, 2019
Localities identified for social housing include Paola, Kirkop, Rabat, Żabbar, Luqa, Żurrieq, Siġġiewi, Qrendi and Marsaskala.
Previously IIP funds were used for funding €5m used for 30 apartments for Puttinu cares in London, modernizing heart equipment in a hospital
What is NDSF Fund?
The National Development and Social Fund (“NDSF”) is a Government Agency established on 6 January 2015, by virtue of Subsidiary Legislation 188.03, “Individual Investor Programme (“IIP”) of the Republic of Malta Regulations” made under the Maltese Citizenship Act Cap. 188.
The NDSF is an an autonomous agency established for the purpose of managing and administering 70% of the contributions received from the Individual Investor Programme of Malta set up by virtue of the Malta Citizenship Act Cap. 188.
NDSF Fund since its inception up to the 31 August 2018, it had recorded total revenues of €432
NDSF
- To contribute to major projects of national importance.
- To assist in projects and initiatives in the public interest, by inter alia, promoting, supporting the advancement of education, research, innovation, justice and the rule of law, employment and public health.
- To contribute to the development of better public services.
- To support enterprise and business in improving its competitiveness.
- To promote research and development in matters conducive to the public interest.
- To help stakeholders to deliver social, employment and educational projects.
- To foster initiatives that support reforms and better governance.
- To support measures for the improvement of the fairness and efficiency of justice.
- To foster initiatives encouraging gender equality, prevention of discrimination and respect for human rights.
- To assist initiatives to provide for the social housing needs of the population and to combat social exclusion.
- To sponsor initiatives for the improvement of health, health care and care for the elderly.
- To undertake initiatives for the benefit of future generations.
