In the transition from the draft law at the end of September to its introduction as a bill last Monday, the Valencian Institute of Finance (IVF) was assigned a new function. Consell included in the Companion Law the possibility that the Generalitat’s public bank could guarantee home buyers in the Valencian Community; This change was not among the regulatory changes made in the first version of the Accompaniment Law.
According to the draft law, which the Regional Government approved along with the budgets at the general assembly meeting last Monday, in vitro fertilization “can provide guarantees to individuals in obtaining a home.” This possibility is an addition under the “Purposes and functions” of the financial arm of Consell, an amendment introduced under Article 24 of Title III of the Accompaniment Act on administrative organizational measures and restructuring of Instrumental Public Sector entities. Generalitat.
IVF’s functions include directing its activities “mainly towards the productive sectors of the Valencian Community, SMEs and entrepreneurs”. In fact, the only exception among these functions is “real estate promotion”, unless it is “protected housing or financing of plans prepared by the Administration or public institutions”.
“They are fulfilling their duties”
However, with the change that Consell will now include, individuals will be allowed to purchase any home with the approval of this financial institution. This measure will aim to facilitate access to housing; however, it is not clear whether this will apply to all individuals or focus on a specific group, such as young people. This is among the purposes of the legislature.
To this end, the regulatory amendment proposed by the Valencian Government of PP and Vox, in addition to the additions in part 1 of their functions, once again includes the possibility of “granting guarantees for the acquisition of housing to individuals” within the scope of the following functions. Thus, the organism is enabled to “fulfill its functions”. These include “granting loans, credits, guarantees and other guarantees in favor of private companies and organizations” or “making contributions and managing venture capital funds.” Added to these is the possibility of a home purchase guarantee.
Likewise, this new function forced the regional manager to make an extra change. It concerns section 2, which specifies the conditions that must be met in order to access financing provided by the Generalitat’s public bank. This means “companies that have their registered office or the principal part of their activities in the Valencian Community”. To this he now adds the “presumption that there are private persons” who, yes, must also have “administrative residence” in the Valencian Community.