The Barajas district will be the first in Madrid to feature a housing development built by the Municipal Housing and Land Company (EMVS Madrid) under an affordable rental scheme for “Madrid residents with middle-income earnings”: this is the Iberia Loreto 1 development, with units to be allocated by lottery.
The Housing Policy Delegate, Álvaro González, has stated regarding this new program that “it addresses the needs of a large segment of the population with middle-income salaries who are currently excluded from both the private rental market and municipal housing policies.”
Thus, whereas until now only households with incomes up to 3.5 times the Public Multiple Effect Income Indicator (IPREM) could participate in the Madrid EMVS lotteries, that limit is being expanded to allow families with incomes exceeding 3.5 times the IPREM to participate.
The maximum income limit will be 5.5 times the IPREM, as established in this case by the zoning regulations for the plot on which the development is built. In figures, this means that a couple with two children and a gross annual income of approximately 68,000 euros would be eligible for these homes.
What are the “middle-income” homes being raffled off like?
The development, in which the Madrid City Council has invested nearly 15 million euros, is the municipal company’s first built using industrialized wood construction systems, with a construction period of 17 months.
Iberia Loreto 1 comprises a total of 52 two- and three-bedroom units, four of which are adapted for people with reduced mobility. It also features 52 storage units, 78 parking spaces for cars, and an additional 52 for bicycles.
Eligibility requirements for the housing units
Residents of Madrid between the ages of 18 and 50 and families with minor children whose income is between 3.5 and 5.5 times the IPREM and who are registered residents of Madrid are eligible to participate in the lottery for these homes. The minimum residency requirement is five uninterrupted years, or eight years within the last 10 years.
Other essential requirements are that applicants must not own a home and must not have a criminal record for squatting or for non-payment of rent.
How can you sign up for the lottery for these “middle-income” homes?
Registration for the lottery will be exclusively online and will open in the coming weeks via the EMVS website. The homes will be allocated by lottery next June.
