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Housing bonds and their role for limited-profit housing associations in Austria

Author

Listed:
  • Gerald KOESSL

    (Verband gemeinnütziger Bauvereinigungen (Österreich))

Abstract

The introduction of housing construction convertible bonds (HCCB) dates back to 1993. HCCB make an important contribution to Austrian housing finance, particularly in multi-storey, limited-profit housing construction. Since their inception, the six active housing construction banks have issued tax-privileged bonds amounting to around EUR 23 billion, which have been used primarily for new construction or renovation activities of limited-profit housing associations. The funds from the housing bonds are therefore not only an important pillar for affordable housing construction, but also lead to lower housing costs due to their interest-reducing effect.

Suggested Citation

  • Gerald KOESSL, 2024. "Housing bonds and their role for limited-profit housing associations in Austria," CIRIEC Working Papers 2404, CIRIEC - Université de Liège.
    • Handle: RePEc:crc:wpaper:2404en
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    File URL: https://www.ciriec.uliege.be/repec/WP24-04EN.pdf
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    More about this item

    Keywords

    Housing bonds; housing construction banks; limited-profit housing associations; Austria;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises

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