Hanau invests €556,000 to upgrade 48 apartments for rent into subsidised housing
Hanau is funding a major upgrade to a residential building at 4 Karlsbader Straße in Kesselstadt. The city will invest up to €556,000 from its misallocation levy to modernise 48 apartments for rent owned by Baugesellschaft Hanau GmbH (BauGe). The project also includes converting these units into publicly subsidised housing.
The building's renovation aims to improve living conditions, boost energy efficiency and keep running costs stable. BauGe has already transformed over 100 market-rate flats into subsidised housing in the last five years. Currently, around 27% of its 4,260 apartments are subsidised, with rents averaging €5.32 per square metre.
The city's funding is tied to BauGe's commitment to convert the 48 apartments for rent into publicly subsidised units. This move supports greater social diversity in the neighbourhood. By the end of 2024, the misallocation levy had raised €316,052.33, with the full €556,000 now earmarked for the project.
Modernisation costs for the Kesselstadt building are expected to exceed €4 million. Alongside the upgrades, BauGe will add 48 more subsidised units to its portfolio.
The investment will help lower rents and improve housing quality for residents. Once complete, the project will add to BauGe's growing number of subsidised apartments. The city's funding ensures long-term affordability in the area.
