Valencia’s Gov’t Incentivises Homeowners To Rent Out Vacant Properties

16 March 2017 – Cadena Ser

The Valencian Generalitat will pay insurance to families and other people who let out the vacant homes they own. The measure forms part of the new Law for the Social Role of Housing, which entered into force at the beginning of this month. In addition, the regional government is also planning to impose sanctions on banks that do not offer up the vacant homes that they own for social housing purposes.

The Councillor for Housing, María José Salvador, visited Castellón yesterday, where she explained the main aspects of the new Housing Law in the Community of Valencia. Salvador highlighted that the Law’s objective is to incentivise the rental of properties owned by individuals that are not currently occupied.

To this end, the regional government will pay insurance to protect homeowners in the event that tenants fail to pay their rent or damage properties. On the other hand, the Councillor for Housing said that the new law provides for the imposition of sanctions on banks that do not hand over their vacant homes. Salvador said that the banks should report the homes they have vacant to avoid conflicts and possible fines. Unlike individual owners, the banks will not be covered by any insurance policies paid for by the government.

Even though the Law for the Social Role of Housing only entered into force two weeks ago, the Council has already opened several meeting points, both physical and digital, where interested parties can obtain more information about the initiative.

Original story: Cadena Ser

Translation: Carmel Drake

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