FICA launches the Share Project that will transform tenements into shared houses in downtown São Paulo (SP). The real estate fund is directed to community properties that provide affordable housing rentals for low-income families.
The initiative includes investments with a social impact with the acquisition of properties for use by people living in tenements in the region. The operation includes the renovation of the houses, supported by lease contracts that prevent arbitrary adjustments and evictions.
According to FICA, the contracts also provide for a reduction of up to 30% in rents paid, in relation to the average rent in central districts. According to Roberto Fontes, coordinator of Compartilha, in a note, the model is unprecedented in Brazil for introducing the figure of the non-speculative social owner.
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Data from SEADE/2004, recorded in the general report of the Program of Action in Tenements of the Government of São Paulo, show that around 160 thousand families, or 596 thousand people, lived in tenements in the central region of São Paulo, which corresponded to 6 % of the population of the municipality.
For Fontes, the tenements currently represent one of the most profitable real estate investments in the city, with a square meter worth twice the same size in a formal dwelling in the same region. “The investor profile is the one who, first of all, will be proud of the impact of their money”, explains Fontes.
Compartilha is based on investment with a social impact with a financial return. FICA states that the initial return will be 4% per year in up to 10 years, depending on the property’s value. Collective financing takes place with values from R$ 10 thousand and is guaranteed by the property itself.
First house
A first property was acquired as part of the initiative’s pilot project. The property was financed by an initial group of investors and was rented to three families who belong to a seamstresses cooperative. The move of families is planned for this month. The first phase of the project foresees new homes for up to 50 families in 2025.
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