Canary Islands Housing Support Initiative

Overview

The Canary Islands government has announced a new initiative to support young people facing skyrocketing housing costs. Due to sharp rent and property price increases over recent years, emancipation has become more difficult for youth.

Details of the Plan

• The new plan allocates 12 million euros to provide direct monthly subsidies of 250 euros to young adults up to 35 years old.
• This aid helps them afford rent or housing use rights.
• It is part of the broader Canary Housing Plan 2020-2025, which includes special provisions for Lanzarote through a cooperation agreement with the local island council.

Goals

• To slow demographic decline.
• To promote independence among youth by easing their housing burden.

Application Process

• Applications close in 15 days.
• The scheme operates on a non-competitive, first-come, first-served basis.
• Priority is given to residents of Lanzarote with a dedicated funding line.
• Beneficiaries must meet income and property ownership criteria.
• Support will be granted for up to 24 months.

Additional Measures and Safeguards

• The process includes legal safeguards and transparency measures.
• There will be collaboration with authorized entities to distribute funds efficiently.

Purpose

"This measure directly addresses the housing crisis impacting young residents and demonstrates the government’s commitment to counteract the adverse effects of rising living costs on youth emancipation."

Summary

This initiative aims to assist young residents in overcoming the challenges posed by increased housing costs, promoting their independence, and addressing demographic concerns in the Canary Islands.