Question 11983 — housing: aid and loans

Summary

Mr. Romain Daubié questions the Minister of the Economy, Finance and Industrial, Energy and Digital Sovereignty on the practical effects of decision no. D-HCSF-2021-7 of September 29, 2021 of the High Financial Stability Council (HCSF) and on the advisability of reintroducing, in a regulated manner, a differential calculation method on the debt ratio for certain real estate operations. The housing crisis now well established in France, marked by a shortage of supply, strong tension in tense areas and by the massive need for the production of new housing, calls for the mobilization of all available levers and constitutes a major issue for public policies. To date, there is no single solution to this crisis. It therefore requires a combination of land, tax and regulatory measures affecting all actors: communities, landlords, investors, households and private operators. In this context, the question of financing constitutes a central element of this crisis. The rise in interest rates and the tightening of credit conditions have profoundly affected the sector's capacity to produce housing. It is in this context that decision No. D-HCSF-2021-7 of December 29, 2021, which established a framework legally binding conditions for granting real estate loans. It provides in particular that the borrowers' effort rate cannot go beyond 35% and also sets the maximum duration of the credit at 25 years. The decision also establishes a small margin of flexibility allowing credit establishments to have up to 20% of their quarterly production of new credits which do not respect the new criteria. Before this framework came into force, certain credit institutions used the so-called “differential” calculation. Solvency was thus assessed by taking into account the income and expenses linked to the rental transaction, in addition to current income and expenses. Since January 1, 2022, credit institutions can no longer use this method of calculation and must only use the calculation of the “classic” debt ratio, which had the effect of making projects ineligible for financing, although economically viable, not satisfying this rigid evaluation method. In this context and with regard to the issues linked to the production of new housing, the security of real estate development operations and pre-marketing conditions, he questions the advisability of reintroducing, in a targeted and supervised manner, a calculation mechanism differential in the debt rate, in order to support operations that effectively contribute to increasing the housing supply.

Machine translation from French. The official text remains authoritative.

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