Registration for the Iberia Loreto 1 development must be completed online via the EMVS Madrid website before June 11. The lottery is scheduled for late June and offers an opportunity for those who, despite economic stability, face difficulties accessing the free rental market in the capital.
“"This lottery expands access to public housing for Madrid residents with average incomes who, despite having employment and economic stability, cannot access the free rental market."
The development, which involved a municipal investment of nearly 15 million euros, comprises 52 homes, four of which are adapted for people with reduced mobility. Additionally, it includes 52 storage rooms, 78 parking spaces for cars, and 52 for bicycles.
This building is the first by the municipal company constructed using industrialized timber systems. The homes, with two or three bedrooms, will have a rent ranging approximately between 700 and 1,000 euros, including a garage space, depending on the size. Tenants will not pay more than 30% of their household income, and EMVS Madrid has reserved a dozen homes for large families.
Applicants must be Madrid residents up to 50 years old or families with minor children, with incomes exceeding 3.5 times the IPREM and a limit of 5.5 times the IPREM. For example, a couple with two children can have a maximum gross annual income of approximately 68,000 euros. It is required to be registered in Madrid for a minimum of five uninterrupted years or eight within the last ten years, and not own another home in Spain. It is also required that no member of the household has been convicted of crimes related to illegal occupation, non-payment of rent, or eviction proceedings due to coexistence problems in the last five years.
