Fact panel
| Investee: Social Housing Org | Investor: ING |
|---|---|
| Sector: Social housing | Range of Lending tickets: Depend on customer segment |
| Type of organization: cv, nv | Sector: Social Housing |
| Type of investee: B | Type of investor: Banking |
| Country of investee: Belgium | Type of investment: Lending |
| Investment strategy: Sustainable Financing | Expected return: Similar to market return |
| Ticket size of the investment: >€10 million (can vary from €10 - 125 million) | Specifics: Comprehensive ESG analysis |
| Year of investment: recurrent financing over 20 years | Some LP’s: NA |
The what: Social housing organisations, a B-type organisation
Problem addressed
Social housing refers to affordable housing offered at below-market prices, aimed at supporting vulnerable individuals and families, especially those with low or modest incomes and limited financial resources, for whom buying a home or renting in the private market is not feasible.
As of 2024, social housing units account for around 6.5% of Belgium’s total housing stock, compared to 9.5% at the EU level, while demand significantly outstrips supply. Conditions vary across the regions. To address the shortage, the regional governments of Wallonia, Flanders, and Brussels-Capital have set ambitious targets for construction and renovation. Yet, despite these efforts and commitments, progress remains too slow to close the gap between supply and demand.
Solution provided by ING
ING offers tailored lending solutions to social housing organizations, enabling them to fund renovation, construction, acquisition or financing programs. Through these partnerships, ING actively promotes social inclusion and expands access to affordable housing.
ING support focuses on organizations that help economically vulnerable individuals and groups, whether by providing access to social housing or by facilitating social mortgages. The bank has defined clear priorities regarding what to finance and how to maximize their impact, building on their long-standing expertise in this sector.
In recent years, around of 20% of ING Belgium’s Public Sector and Social Profit new lending volume has contributed to providing accommodation for vulnerable target groups.
The how: ING, a Belgian banking Institution
General presentation of ING
ING Belgium is one of the country’s largest banking institutions and part of the global ING Group. With a strong presence across customer segments, ING Belgium serves millions of clients and is a key financial partner for the public and social profit sector. In the field of social housing, ING Belgium leverages its balance sheet strength to support public and non-profit entities. The bank’s financing approach is aligned with national and regional housing strategies while integrating environmental, social, and governance (ESG) considerations assuring long-term value for both communities and stakeholders.
Intentionality
ING Belgium’s social housing financing strategy is driven by a commitment to address both societal and environmental challenges in the housing sector. ING aims to provide financing solutions that directly support affordable housing supply, improve living conditions, and promote energy efficiency. Aligned with our broader sustainability ambitions, ING structures financing to enable social housing entities to accelerate renovation programs, integrate renewable energy solutions, and meet increasingly stringent building performance standards. By focusing on non-profit housing providers, ING Belgium ensures that funding flows directly to the communities most in need, including modest/low-income households and vulnerable populations.
Impact management
A strong ESG policy is integrated into ING Belgium’s strategy and operations. As a lender, ING applies a strict Environmental & Social Risk (ESR) framework: companies and projects are screened on sustainability, human rights, and sector-specific risks. Only clients and transactions that meet clear selection criteria are eligible, with particular focus on sectors contributing to the energy transition and social progress. Through a best-in-class approach and exclusions (such as coal, tobacco, or controversial weapons), ING directs capital flows towards initiatives with positive social and environmental outcomes. This approach is reinforced by Terra, ING’s global process to steer their trajectory towards net zero, which measures how loans contribute to CO₂ reduction across key sectors and sets targets for achieving the Paris Agreement objectives. Through this approach, ING can systematically track and manage impact, encouraging both clients and investors to deliver on their sustainability goals. In this way, ING Belgium leverages its financial strength with clear impact objectives, positioning itself as a key player in driving the sustainable transition.
Additionality
The additionality of ING Belgium’s social housing finance is mainly financial and lies in the capacity to mobilize large-scale, long-term capital that would otherwise be difficult for non-profit housing entities to secure. By offering loans with flexible maturities, competitive rates, and tailored repayment structures, ING Belgium enables housing providers to undertake ambitious construction and renovation projects that achieve both social and environmental objectives.
More information
- ING
- ING Climate approach
