Fundusz Sektora Mieszkalnictwa Społecznego (Social Housing Sector Fund), managed by Bank Gospodarstwa Krajowego (BGK), is a public investment fund operating from Warsaw, serving as a national driver for affordable rental housing development. The Fund’s origins trace to system reforms in the mid-1990s and more recent programmes that responded to persistent shortages in Polish rental housing, with an estimated deficit of up to two million homes nationwide.
After the closure of the National Housing Fund in 2009, BGK took on its responsibilities, reactivating loan funding in 2015 with the launch of the Social Housing Construction Programme. The Fund offers preferential loans covering up to 70% of investment costs to entities such as social housing associations, municipal companies, and housing cooperatives. This targets people whose incomes exceed eligibility for municipal social housing but are insufficient for market-rate rentals.
Between 2015 and 2017, BGK awarded over 200 million euros in financing, supporting the construction of more than 6,800 rental units. By 2025, the ten-year programme aims to deliver 30,000 new rental homes, and recent government policy has committed at least 2.5 billion PLN to social housing annually, partly through BGK mechanisms.
Recent projects financed by the Fund include mixed complexes and apartment blocks in cities like Warsaw and regional municipalities. The programme emphasizes not only housing quantity but also energy efficiency and social inclusion, sometimes combining BGK loans with European Investment Bank funding. Typical investments include new builds and renovation of vacant buildings for social rent, with strict eligibility criteria for tenants to ensure low-to-medium income groups benefit.