Public Housing Firm Amidar to Start Launching Urban Renewal Projects

Until now, the company has focused mainly on managing some 60,0000 public housing units in Israel.

Public housing company Amidar is expected to undergo a transformation in 2014 in howthe state uses it to obtain its housing goals, TheMarker has learned.

Until now, the company has focused mainly on managing some 60,0000 public housing units in Israel.

Its nearest rival, Amigur, manages only 17,000 units.

However, the state is expected in the coming months to expand Amidar’s responsibilities to turn it into a significant player in solving Israel’s housing crunch. New tasks will include entering the urban renewal field, as well as the rental housing market, and not necessarily just for impoverished residents.

Sources told TheMarker that besides the impressive amount of capital the company holds, which it can use as leverage for the various new goals, Amidar manages most of the apartments in some 1,000 buildings under its control. They say Amidar can use this inventory to carry out urban renewal plans on a large scale and thus generate tens of thousands of new apartments.

Amidar is in the process of preparing a multi-million dollar tender to hire an international firm for strategic consulting, in order to help Amidar become a more significant player in the housing field, based on various models employed by public bodies such as municipalities, government companies and NGOs.

Ofer Vaknin