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Almeida Announces the Construction of 1,186 Public Housing Units for Rent with an Investment of 180M

Almeida has celebrated the $1.19 billion (€1 billion) aid from Europe that the Government will allocate to building rehabilitation but calls for it to be extended. The head of the City Council believes that European funds are “decisive” to get Spain out of the economic and social situation in which the country finds itself, but warns of the importance of managing them properly.

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Madrid accelerates in public housing. The mayor of the city, José Luis Martínez-Almeida, announced at the Gran Jornada Inmobiliaria organized by elEconomista that the City Council will build 1,186 homes for rent with a public investment of $214 million (€180 million).

“Madrid City Council is the largest developer of public housing in Spain. We have already delivered 1,146 homes in the city, and between July and September we are going to start building 1,186 homes with an investment of approximately $214 million (€180 million),” explained Almeida.

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The City Council aspires to continue growing in this area

To this end, Almeida is committed to public-private collaboration and to continue unlocking land. “We are turning to public-private collaboration instruments to be able to generate a more rapid increase in housing, especially in the rental regime at an appraised price. Hopefully, we will soon be able to see the results,” he said.

Public-private collaboration also plays a fundamental role in the field of building rehabilitation and urban regeneration. Precisely, Almeida has celebrated the $1.19 billion (€1 billion) aid from Europe that the Government will allocate to building rehabilitation but calls for it to be extended. “We welcome the news with joy, but it can be increased given the complexity that the rehabilitation operations will involve in the processing and deadlines,” he explained.

The head of the City Council believes that European funds are “decisive” to get Spain out of the economic and social situation in which the country finds itself, but warns of the importance of managing them properly. To this end, he has called for cooperation and institutional loyalty between all the Administrations and public-private collaboration.

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The Madrid City Council is also making progress in infrastructure works. In 2020 it tendered more than 500 million in investment, among which the reform of the Nudo Norte, Plaza de España and Joaquín Costa, or the burying of the Mahou-Calderón operation stand out.

Special mention should be made of the Madrid Nuevo Norte project, which Almeida has described as “the most ambitious urban regeneration project in any European capital and which will enable us to place ourselves at the forefront.”

The construction of Madrid Nuevo Norte will start in five years

The mayor of the capital insisted that the construction sector is “absolutely key” for the improvement and reactivation of the Spanish economy, healthy and with great potential. On the road to recovery, European aid for the rehabilitation of buildings will play an essential role.

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(Featured image by falco via Pixabay)

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First published in elEconomista.es, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Daphne Freeman has worked in the crowdfunding and impact investing industry for the past few years, gaining experience in marketing, and connecting businesses and entrepreneurs in need with the right investors. As a seasoned grant writer as well as financial market journalist, she is passionate about making a social impact in the world. A free spirit, Daphne also enjoys writing and exploring topics of interest, currently CBD, health and beauty, and social media influencers.

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