€2 Million Grants for Affordable Rental Housing in the Canary Islands
The Canary Islands government has unveiled a €2 million grant program to expand affordable rental housing across the archipelago. Spearheaded by the Department of Public Works, Housing, and Mobility through the Canary Islands Housing Institute (led by Antonio Ortega), this initiative aims to incentivize private developers to build or renovate properties for long-term affordable rentals.
Who Can Apply?
Both individuals and organizations—public or private—are eligible to apply if they develop subsidized rental housing. The program covers three types of projects: new constructions, full building rehabilitations for rental use, and the completion of stalled housing developments. Successful applicants must designate the properties as protected rental housing for a minimum of 10 to 25 years, with potential purchase options.
Income Requirements and Rental Terms
Eligible tenants must fall within income limits based on Spain’s IPREM (Public Indicator of Multiple Effects Income). Two tiers exist: a “special regime” for households earning up to 2.5 times the IPREM, and a “general regime” for those earning up to 5 times the IPREM (or 6 times for large families or people with certain disabilities).
How and When to Apply
The application window opened on July 11, 2024, and closes one month after its official announcement in the Canary Islands Gazette. Submissions must be made electronically via the Canary Islands government’s official portal: https://sede.gobiernodecanarias.org.
Part of a Broader Housing Strategy
This grant program complements wider efforts by the Canary Islands government to improve access to affordable housing. By targeting stalled projects and prioritizing long-term rentals, the initiative seeks to address housing shortages while stabilizing rental markets for residents.
