Affordable Housing Scheme For People Priced Out Of Property Market Launched In Malta
People who are priced out of the property and rental markets but who don’t qualify for social housing will be able to benefit from a new foundation that was set up today.
The foundation is a joint social venture between the Social Accommodation Ministry and the Archdiocese of Malta and will be managed by a council equally composed of representatives from both parties.
The Archdiocese has pledged to lease it the St Joan of Arc convent in Kirkop on a 25-year contract, with the plan being to convert it into housing units that will be rented out below market value.
Meanwhile, the government has pledged to fund this foundation to the tune of €300,000 a year for the next 25 years, but the ultimate goal is that it will develop into a self-sustainable entity.
More details, including the value of these new affordable housing units and application protools, will be announced by the foundation.
Social Accommodation Minister Roderick Galdes said this foundation will offer a solution people caught in the middle of the property market – not able to purchase or rent properties at market value but not on a low enough income to qualify them for social housing.
Minister Roderick Galdes
“We can’t just rely on the dualism between the state and the private sector and we need new players,” Galdes said, as he hailed the Church for its social role in Maltese society.
Prime Minister Robert Abela said this project is an ideal example of a joint social venture.
“The biggest lesson the pandemic taught us is that we can achieve so much more when we work together than when we’re isolated from each other.”
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