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Sareb assigns 50 affordable homes to let in the Canary Island
11/11/2015

Rents may not exceed 30% of the tenants' income


The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) has reached an agreement with the Autonomous Community of the Canary Islands to assign it 50 affordable homes to let. The Vice President of the Canary Islands Government, Patricia Hernández and Sareb's Managing Director of Legal and Corporate Development, Óscar García Maceiras, signed the collaborative agreement today.

In line with the agreement, the Regional Government will be responsible for managing the assigned properties for five years, via the company Visocan (Affordable Housing and Infrastructure in the Canary Islands). The rent will be adjusted to the tenant's level of income. Hence, if they earn less than the minimum wage, the rent paid will be below 12% of the household income for future tenants. For the remainder, the rent will not be higher than 30% of current income.

The cost of insurance, service charges, taxes and rates and adaptation of the properties for use, etc. will be paid by Sareb, while the Canary Islands Government will pay for all of the costs related to the management of the properties, as well as day-to-day maintenance. The regional authority will select the occupiers and will sign a lease agreement with them.

"Our objective is to contribute to improving the lives of families affected by the crisis and support the Canary Islands Government, which is the competent authority to carry this out", explained Óscar García Maceiras.

Sareb has doubled the number of homes - up to 4,000 units - that it will provide to autonomous communities and large local governments as affordable housing to let. To date, more than 5,500 people have benefitted from the affordable housing to let assignment plans that Sareb has agreed with Catalonia, Aragón, Galicia, Basque Country, Balearic Islands and Castilla-León.

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