State-owned Housing and Urban Development Corporation (Hudco) plans to finance construction of five lakh affordable houses this financial year with a majority of them coming up in rural areas, and increase the number 10% every year for the next five years.

VP Baligar, chairman and managing director of the corporation that finances and promotes housing and urban infrastructure projects across the country, said Hudco has already financed 3.8 lakh housing units this year and hoped to cross 5 lakh units by the end of the fiscal. “More than 90% of these have been in affordable housing segment for economically weaker section,” he said.