Four million euros for affordable housing: "Porto com Sentido" approved by the Municipal Assembly

The programme "Porto com Sentido", which aims at including Local Housing property within the lease market, was approved 18th May, by the Municipal Assembly, convened via videoconference, in a private session.

This initiative by Porto City Hall seeks to introduce in the lease market two types of real estate: property under the Local Housing market or available property in the sales and rental market, respecting the competitive mechanisms operating in an integrated and liberalised market and safeguarding public interest.

Through "Porto com Sentido", an investment worth 4.3 million euros is estimated till 2022, in a total of one thousand lease contracts extending over three to five years.

Among the measures included in this programme, it is important to enhance total IMI exemption of building apartments that conclude lease contracts with the Municipality of Porto, under this initiative.

Prior to the signing of a lease, an inspection is stipulated, to ensure that the necessary safety, health and working conditions are observed; also, an increase of up to 10 % of the rent amount will be allowed for the renting of furnished apartments. Subletting residential real estate to families will be done with advance registration and drawing of lots.

Porto Vivo, SRU - Sociedade de Reabilitação Urbana do Porto, EM S.A. will be in charge of lease and subletting contract management concluded under the same programme.