The Madrid City Council, through the Municipal Housing and Land Company of Madrid (EMVS Madrid), currently has 167 properties affiliated with the municipal company’s ReViVa Program. This program aims to improve the supply of affordable rental housing in the capital. Owners agree to temporarily transfer their property to EMVS Madrid, with all guarantees, and receive the agreed rent, whether the property is rented or not.
The Housing Policy Delegate and President of EMVS Madrid, Álvaro González, visited one of the 167 properties managed by EMVS Madrid under the ReViVa program. He highlighted that this program demonstrates the possibility of revitalizing vacant properties, making them available for affordable rent, and providing benefits to both owners and tenants, ultimately making housing more accessible to all Madrileños.
Through the ReViVa Program, EMVS Madrid aims to enhance the supply of affordable rental housing in the capital. Property owners temporarily transfer their property to EMVS Madrid, receiving the agreed rent, whether the property is rented or not.
The property visited by González is located in the Usera district, specifically on Antonio Prieto Street, built in 1965 and in a state of significant deterioration. EMVS Madrid conducted a comprehensive renovation, modernizing the property’s appearance and improving its sustainability and energy efficiency by updating the exterior carpentry and plumbing and electrical installations.
The renovation cost €40,000, deducted gradually from the owner’s monthly rent. EMVS Madrid also provided appliances such as an extractor hood, ceramic hob, oven, refrigerator, microwave, washing machine, and dishwasher at no cost to the owner.
For properties requiring renovations, like the one visited today, EMVS Madrid advances up to €45,000 at 0% interest and covers the VAT. This advance is gradually deducted from the owner’s monthly rent, allowing for property improvement without immediate costs or disruptions. The deduction amount depends on the usufruct contract’s duration, ranging from a minimum of five years to a maximum of ten.
The maximum monthly rent for this three-bedroom, two-bathroom property with approximately 62 square meters will be €758, ensuring future tenants never pay more than 30% of their income. This offers Madrileños a new affordable rental property with rents 15-20% below market prices.
ReViVa Program Requirements
Through this program, the municipal company handles all administrative and legal procedures, relieving the owner of any management responsibilities upon signing the transfer agreement, guaranteed by the Madrid City Council. EMVS Madrid also covers property owner community fees, home insurance, routine repairs, and property tax. Additionally, all costs related to the transfer, including capital gains tax and property registration, are covered by the municipal company.
Prospective tenants must have annual incomes up to 5.5 times the Public Income Indicator (IPREM), not exceeding €63,800 for couples or singles and €68,400 for four-member family units. Tenants benefit from rents 15-20% below market rates and never pay more than 30% of their income for public properties.
All requirements and conditions for accessing the ReViVa Program, both as a tenant and owner, are detailed at www.emvsmadrid.es.
Municipal Commitment to Housing
The Madrid City Council, through EMVS Madrid, boasts a portfolio of over 9,200 public properties for Madrileños, ranking the capital first in Spain for affordable rental public housing, according to the Housing and Land Observatory under the Ministry of Housing and Urban Agenda.
Additionally, the municipal company has nearly 6,200 properties at various stages of planning and execution, with 1,734 already in progress across 22 developments. Another 2,200 rental properties have begun tendering through the Suma Housing Plan, including public-private collaboration models for residential development in Los Berrocales and Los Ahijones.
This significant new housing construction level led EMVS Madrid to construct three out of every ten affordable rental properties in Spain last year, without the option to purchase, according to the Ministry of Sustainable Transport and Mobility. This establishes EMVS Madrid as Spain’s leading public housing developer.
