Madrid invested €28.4M in 687 dwellings for rental

Madrid invested €28.4M in 687 dwellings for rental

This is the third transfer from the municipality to the Emvs seeking to increasing the affordable housing stock, this year. In total, since the year started, 85.2 million euro were invested, compared to 129.3 million euro during the whole of 2020. 

Of the 28.4 million euro, 16.8 million euro will be used to build new public dwellings for rental. The Emvs has just acquired land to build nine developments with a total of 687 dwellings in the districts of Latina, Fuencarral, Carabanchel, Tetuán, Vicálvaro, Villaverde and Villa de Vallecas. 

The Emvs currently has a further 26 developments at different stages of construction, which will be adjudicated during a new public tender before the end of the year. In total, Emvs is working on more than 4.000 dwellings for rental.

The remaining 11.6 million euro which were approved, will be used to finance different social programs to assist vulnerable groups, such as vulnerable women, the Housing First program for homeless people, the program to assign dwellings to non-profit organisations and also to assign dwellings to different municipal boards.

The money will also be used to finance the new Programa Reviva (Revive Plan) part of the Complete Municipal Rental Plan, which is, during this first stage, gathering vacant dwellings which have been assigned to Emvs with usufruct so that the company can place them on the rental market.

The financing plan also includes the rental brokering program for private citizens, that is, between the owners of the dwellings who want to rent and the tenants who want to pay a rent. This program’s goal is to manage 2.000 private rentals.

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