For the first time: a 20-year low cost housing project for young people - Jerusalem Municipality

For the first time: a 20-year low cost housing project for young people

​The Jerusalem Municipality is heading a first-of-its-kind housing project for young people, aimed at providing long-term rental for up to 20 consecutive years, and with reduced rents. 

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2/26/2018

12/31/1969 6:00 PM

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The Jerusalem Municipality is calling for contractors to compete in a tender for leasing a lot slated for the construction of 72 housing units intended for rent, commercial space, offices, parking lots and public areas. The project includes the planning and construction of an eight-story building in the complex between Aliash and Mesilat Yesharim streets, adjacent to the Beit Mazya Theater.

According to the plan, it will be possible to construct 72 apartments in the building, which will be rented for long-term periods of 20 consecutive years. 40 apartments, constituting 55% of the apartments, will not exceed 45% of the area, and will be earmarked for supervised, reduced rent, 20% lower than market prices (around NIS 85 per sq. meter). In addition, management fees will be no greater than NIS 4 per sq. meter. In total, the average monthly rent for such an apartment will be NIS 2,975, with management fees of up to NIS 140 per month. The other apartments in the building will be designated for rent in the open market. In addition, a 180-space public parking lot will be constructed as part of the project.

Apart from the housing units, there are plans for construction of 2,820 sq. meters of office space, 1,160 sq. meters of commercial space, public areas and an underground parking lot with 267 parking spaces.


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