What is Vivienda Asequible del Ayuntamiento de Madrid?
The Madrid City Council’s affordable housing project is promoted by the City Council through the Urban Development Area under a program for the transfer of surface rights to land belonging to the Municipal Patrimony for the promotion and construction of affordable rental housing.
The purpose of the program is to put on the market approximately 2,200 affordable rental housing units on a total of 25 plots of land in 11 districts of the city of Madrid.
The objective is to favor the access of broad social groups to rental housing based on maximum rents estimated on the basis of the average income of each of the locations and a healthy rate of effort for their payment, thus alleviating the economic burden of renting with the construction of affordable rental housing.
How does Culmia participate in the Madrid City Council’s affordable housing program?
Culmia has been awarded the right of superficies on the land of lots 1 and 5 for a period of 45 years, which entails the responsibility of constructing the buildings, delivering them and managing their rental under an affordable rental regime. Read the Affordable Housing in Spain Report prepared by Culmia in collaboration with GAD3, a social research and communications consultancy.
