Sareb‘bad bank’ The first phase of the program, created in 2012 to absorb toxic real estate assets mainly from former savings banks, will begin at the end of this year or early next year. building 3,500 affordable rental homes through public-private partnership In 42 lands distributed to 33 municipalities of 19 provinces in 10 autonomous regions, 400 million euros.
The total plan, which means affordable housing and income 20% below the average market price in each region, amounts to 15,000 houses, with the land being transferred to private developers for 80 years and implemented in different stages with the right to withdraw. It is forwarded to the Administration at the end of the period. This program is included in the annex of the Spanish recovery plan approved by the European Commission and is expected to receive financing from the European Investment Bank (EIB).
These actions are part of the project Contribution of 50,000 Sareb homes to Government’s social housing plans It was announced by President Pedro Sánchez in the spring. 15,000 come from the land transfer scheme, another 14,000 from social leases; in both cases Vienna is the center of the programme; As company president Javier Torres and Social and Affordable Housing and Corporate Affairs Director Pau Pérez de Acha explained in a meeting with the press, Sareb currently has 21,000 built properties available for sale. Center of the community of Cornellà de Llobregat.
To close
The program starts with: approach to people living in the area household Sareb lives irregularly.. They can range from families without a lease to families with a lease but with former operators. In coordination with municipal services, the company analyzes the degree of vulnerability of residents and offers them to participate in the program by signing a contract. Social tenancy agreement whose monthly rent cannot exceed 30% of your income.
If families participate in the program, they must also commit to participating in a program. social support program and another job placement program. 73% of beneficiaries are nuclear and single-parent families with an average of two young children in their care, and 17% are families with at least one disabled person in their care. Approximately 1,660 homes are occupied by people who are not vulnerable or who have decided not to cooperate with Sareb’s Social rental and support programme, and in these cases the company’s strategy to save homes is through judicial or amicable channels.
The Sareb chairman assured that the social housing scheme “makes economic sense”. On the one hand, revenue is generated that would not otherwise be available, the default rate is greatly reduced from 100% to 15%, and a positive operating outcome is achieved rather than a negative outcome. This bet assumes, he added: Revaluation of portfolio exceeding 350 million Euros.
Likewise, Torres explained that Sareb sells between 8,000 and 9,000 second-hand homes in Spain each year, with 92% of them purchased by individuals. The average price of these properties is 97,000 euros.
Spain’s effort to reach the social housing levels of other European countries will have to be huge. Currently, such housing accounts for only 2.5% of the total, compared to 3.9% in Germany; 3.7% from Italy; 16.8% are from France; 17.6% are from the United Kingdom; 24% in Austria or 9.3% on average in the European Union (EU). To reach these levels, 1.2 million homes would need to be built in Spain, Torres explained.