Madrid will have 2,000 new affordable rental homes that will not exceed 25% of family income

The city of Madrid will have 2,000 new rental homes at an affordable price in eleven districts of the city aimed at the "middle classes and young people" that will begin to be built in the first quarter of 2023.

Madrid will have 2,000 new affordable rental homes that will not exceed 25% of family income

The city of Madrid will have 2,000 new rental homes at an affordable price in eleven districts of the city aimed at the "middle classes and young people" that will begin to be built in the first quarter of 2023. This was presented by the Urban Development delegate of the City Council of the capital, Mariano Fuentes, who has assured that it is the largest program of its kind launched in Spain.

“Starting today, the private initiative will have all the specifications available so that within a maximum period of four months they can present all their offers so that they are awarded in the month of October and the construction of the works begins immediately in the first quarter of next year”, stated the delegate, accompanied by the mayor of Madrid, José Luis Martínez-Almeida, and the deputy mayor, Begoña Villacís.

An affordable home, Fuentes has detailed, is one in which the family effort "does not exceed 30 percent of the families' income", but he has remarked that the municipal Executive wanted to "be more ambitious", establishing it at 25 percent. “We have analyzed the areas where each of the promotions is located and we have introduced a reduction, they will have an immediate and obligatory appraised price so that these people know with certainty the rent they are going to pay and it will be an average of 25 percent at that price of the market depending on the location", he pointed out.

Specifically, some of the promotions will have a discount of between 12 and 13 percent and in others, such as Villaverde, discounts of over 36 percent will be offered. "We focus on a realistic program for the middle classes and the youth of our city," said the delegate. For his part, Villacís added: "There is a class in Spain that is also the one that systematically pays the most taxes that is left out of public policies, that do not have access to housing at an affordable price, but they cannot afford housing in the big cities.

Regarding the citizens who can apply for this new program, the delegate has specified that they are "all Madrid residents registered in the last two years in Madrid or who are working in the capital", with a minimum income set by the Housing Law Protected by the Community of Madrid. “They are free-rent plots, but we wanted to link them to the established percentages, which are: a first type for homes of 80 square meters (1 or 2 bedrooms) that will be 5.35 times the IPREM (Public Indicator of Income for Multiple Effects ) and then the largest ones from 95 square meters (2 or 3 rooms) which is 7.2 times the IPREM”, Fuentes explained.

As for who will materialize this project, the delegate has reported that any promoter who "knows how to manage rental housing" can apply and that the prices will be audited during the 45-year term of the surface right.

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