Madrid City Council transfers €27.9M to EMVS to promote affordable housing

Madrid City Council transfers €27.9M to EMVS to promote affordable housing

Madrid City Council is giving a new boost to public housing and affordable rentals. The Local Government Board has approved the transfer of 27.9 million euros to the Empresa Municipal de la Vivienda y Suelo de Madrid (EMVS Madrid). This initiative was revealed by the deputy mayor and municipal spokesperson, Inma Sanz.

Of this sum, 12.4 million euros are allocated to cover the running costs of the EMVS Madrid, thus enabling the management of more than 8,150 public housing units for rent and the development of housing access programmes such as the ReViVa Programme or the Rental Intermediation Service (SIA).

In addition, 15.5 million euros are allocated for the construction of new housing. EMVS Madrid currently manages 2,462 housing units under construction in 29 developments. During this term of office, 321 homes in four developments have been completed, thus expanding the assets of the municipal entity.

Deputy Mayor Sanz underlined EMVS Madrid's position as the leading public housing developer in Spain and announced an upcoming housing lottery for the second half of next month, including 164 flats in the Cañaveral 1 and Cañaveral 2 developments, among others.

The strategy also includes actions on the secondary market, such as the purchase of flats to increase the municipal assets and collaboration between owners and tenants. Part of the funds will go to the Integral Municipal Rental Plan and the ReViVa programme, designed to put empty homes into circulation as affordable rentals, benefiting both parties. Owners who transfer their homes to EMVS Madrid will receive a guaranteed monthly rent, while the company takes care of all the management, including administrative and legal procedures.

In addition, if the homes require refurbishment, EMVS Madrid will cover the cost up to 45,000 euros without interest, and will also cover the VAT. The costs will be gradually deducted from the monthly rent, making it easier for owners to improve their properties without additional worries.

Finally, EMVS Madrid continues to offer the SIA, a free advice service for owners and tenants, thus promoting affordable renting.

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