Social Housing Finance in Europe: Trends and Opportunities

countries, but most of all in the Netherlands. Property subsidies have been reduced; housing allowances have becom e more important. The differen ces in size of the social ren ted sector remain large. Private ® nance has mostly rep laced public loans, with the excep tion of Germany where interest-f ree government loans cover part of the ® nance needed. In most countries, guarantees for capital market loans exist, Great Britain being the excep tion. In the near future, changes in social housing ® nance may be expected as a resu lt of European monetary integratio n. The euro will (for the time being) not be introduced in Denmark, Great Britain and Sweden. The costs of capital may declin e when social housing ® nance becomes more internation alised. 1