ILA to Market Land for Construction of 10,000 Rentals

The Israel Lands Administration will begin marketing land for the construction of 10,000 rental apartments in various locations, the ILA's governing council confirmed yesterday. Any Israeli company that can prove financial viability will be eligible to participate in the tenders. The winners will receive a 98-year lease on the land, but for the first 25 years, they will only be able to use it to build rental apartments. Housing Minister Meir Sheetrit said that "this is good news for anyone who cannot afford to buy an apartment. Instead of subjugation to a long-term mortgage, we are creating an alternative that constitutes a revolution in how housing is seen in Israel."