New Delhi The special extra-commercial borrowings (ECB) window for low-cost housing projects will be subject to a cap of $1 billion to start with. The detailed norms for ECB access to this segment, which is facing a funds crunch, are likely to be announced soon, say government sources. In August, the government had allowed designated housing finance companies and the National Housing Bank (NHB) to access overseas loans for the specific purpose of financing low-cost housing. ECB would be permitted in housing projects where 60% of the total area is devoted to low-cost houses having a carpet area of 60 sq metres, sources said. Such a project should have the approval of a competent authority under the ‘scheme of affordable housing in partnership’ of the housing and urban poverty alleviation ministry. Giving a boost to the housing sector is expected to lead to more employment and have a positive impact on the economy. Real estate developers had already complained to the government about the difficulties they face in completing several housing projects due to the high cost of credit and delays in getting clearances, including those related to environmental impact assessment.