Post by account_disabled on Mar 14, 2024 4:52:30 GMT -5
The Council of Ministers has approved a line of ICO loans worth 4 billion euros aimed at promoting affordable rental housing . A measure that the President of the Government, Pedro Sánchez, announced in mid-April.
The specific objective of these loans "is to expand the social housing stock, within the framework of the addendum to the Recovery Plan and make up to 43,000 homes available to citizens in energy-efficient buildings , which must be used for social rental or at affordable prices during at least 50 years," according to the Ministry of Economic Affairs.
However, the portfolio in charge of distributing the Phone Lead European funds of the Recovery Plan through the ICO in the form of long-term loans for housing construction will be the Ministry of Transport, Mobility and Urban Agenda (Mitma).
The recipients of the funds are public and private developers , who will be able to finance everything from the acquisition of land and the construction of new housing, to the purchase of buildings to rehabilitate and adaptation works. The properties can be publicly or privately owned, but they must be used as habitual housing for social or affordable rent and be located in energy-efficient buildings.
The Government commits that the disbursement of these loans, which will be channeled through the ICO or the bank, will be completed before August 31, 2026 and establishes that the works can be carried out within a period of between four and eight years. from the formalization of the loan , depending on the type of action and its conditions, with the possibility of benefiting from an extension of two years as a general rule and up to four years if, for example, the land to be acquired is in the process of urban planning.
The ICO and Mitma must sign an agreement that sets the type and conditions of the loans and ensures compliance with the requirements of the regulations governing the Recovery and Resilience Mechanism, as well as the definition of the details, such as potential beneficiaries or the control and audit of loans.
The promoters value the measure, but ask to specify
The Association of Developers and Builders of Spain (APCEspaña) considers the investment of 4,000 million euros for the development of new homes positive, as well as the 20% guarantee from the ICO to facilitate the purchase of homes for young people and families, which it has also approved. the Government this May 9.
The specific objective of these loans "is to expand the social housing stock, within the framework of the addendum to the Recovery Plan and make up to 43,000 homes available to citizens in energy-efficient buildings , which must be used for social rental or at affordable prices during at least 50 years," according to the Ministry of Economic Affairs.
However, the portfolio in charge of distributing the Phone Lead European funds of the Recovery Plan through the ICO in the form of long-term loans for housing construction will be the Ministry of Transport, Mobility and Urban Agenda (Mitma).
The recipients of the funds are public and private developers , who will be able to finance everything from the acquisition of land and the construction of new housing, to the purchase of buildings to rehabilitate and adaptation works. The properties can be publicly or privately owned, but they must be used as habitual housing for social or affordable rent and be located in energy-efficient buildings.
The Government commits that the disbursement of these loans, which will be channeled through the ICO or the bank, will be completed before August 31, 2026 and establishes that the works can be carried out within a period of between four and eight years. from the formalization of the loan , depending on the type of action and its conditions, with the possibility of benefiting from an extension of two years as a general rule and up to four years if, for example, the land to be acquired is in the process of urban planning.
The ICO and Mitma must sign an agreement that sets the type and conditions of the loans and ensures compliance with the requirements of the regulations governing the Recovery and Resilience Mechanism, as well as the definition of the details, such as potential beneficiaries or the control and audit of loans.
The promoters value the measure, but ask to specify
The Association of Developers and Builders of Spain (APCEspaña) considers the investment of 4,000 million euros for the development of new homes positive, as well as the 20% guarantee from the ICO to facilitate the purchase of homes for young people and families, which it has also approved. the Government this May 9.