42
42

Porto City Hall Approves Affordable Housing Policy

12 May 2020 – The Porto City Hall has approved a measure this week to create the Porto com Sentido program (Sensible Porto), which aims to increase the supply of affordable rental housing available on the local market.

The proposal aims to attract two types of properties onto the rental market:  homes that are currently for sale and others presently used in the Local Housing Market through such firms as Airbnb.

According to the measure, the €4.3-million programme is intended to attract private property owners to the affordable rental market. According to the proposal, the property owners that join the program and sign rental contracts with the municipality will receive a complete exemption from IMI, as well as a rent increase of up to 10% for the rental of furnished properties.

Original Story: Economia Online / Lusa

Translation/Summary: Richard D. Turner