Yesterday we closed the purchase in Martorell of a building to carry out a cooperative housing project under a right of use regime. The property was property of BBVA as a result of a mortgage foreclosure process of 2012, and its sale had already been agreed with an American investment fund, but we were able to make the purchase beforehand due to the right of first refusal.

Is the first time we buy an already built building to promote a cooperative housing project. The building has 11 homes with an average surface area of ​​48m2, and is located in the center of Martorell. The homes will have the official protection qualification or HPO, and will be allocated to members of the cooperative who have an income not exceeding 3,5 of the IRSC. It is expected that in 6 months they will be able to move in!

Right of trial

The building has been acquired through the right of first refusal in force since the approval of the Law Decree 1/2015 of extraordinary and urgent measures for the mobilization of homes resulting from mortgage foreclosure processes. With the approval of this decree, preference is given to the Generalitat, town councils and social promoters as a Sostre Cívic for the purchase of these homes.

In addition, the Generalitat launched in the spring of 2018 a device to facilitate the execution of the right of trial and retraction after BBVA and other banks started the process of selling most of the real estate assets to funds investment

The Housing Agency of Catalonia promoted one agreement with the Catalan Institute of Finance (ICF) to finance acquisition operations through the ICF with a subsidized loan from the Generalitat itself, as well as a line of subsidies for the payment of the rental fee or right of use in those cases that the people who live there have a low income.

Inter-cooperation between entities of the social economy

The acquisition of this building has also been possible thanks to the financing of Fiare Banca Ètica, which has complemented the funding of the ICF. Fiare Banca Ètica is a cooperative bank, of which Sostre Cívic it is also a partner entity, committed to the initiatives of the social and solidarity economy and specifically to the promotion of cooperative housing in right of use.

In this way, Sostre Cívic i Fiare Banca Ètica we keep one stable collaboration for the financing of promotion projects or for the acquisition of heritage, with the aim of transforming the housing market by generating cooperative housing projects that are not governed by the market and with a positive impact on the environment and the people who live there.

Unleash wealth from the private market to transform the way we live

This purchase is the first of a series of acquisitions that we will make in the coming months, carrying out the agreement approved inGeneral Assembly last February 22.

The purchase of already built buildings is one of our strategic ways with the aim of activating assets for new cooperative housing projects in use and increasing the social housing stock in a much shorter time than with new construction projects. During 2019 we expect to acquire approximately 7 more new buildings throughout the territory.