Ongoing monetary, social and political change has brought about more noteworthy vulnerability in the lodging alternatives of youngsters in the US. The downturn has featured difficulties, for example, high youth joblessness and an absence of accessible credit.
Accessing a home is a task, each time, more complicated. Since the recovery began after the economic crisis and the bursting of the real estate bubble in 2008, the prices of houses for sale and rent have only increased.
All this puts in a bind the buyers who have to, first, calculate their mortgage; then, request it and, at the same time, have the necessary savings to meet the initial payment of the property that the bank does not lend them. On the other hand, the tenants suffer from assuming the rent as they consume more than half of their monthly income.
In this scenario, the most disadvantaged are young people who are the ones who, in general, have lower salaries and fewer savings due to their young age. The Ministry of Development, with the collaboration of the autonomous communities, has developed the State Housing Plan 2018-2021. They intend to help children under 35 with financial difficulties access a home more easily. We collect what the keys to request these grants are.
What is the State Housing Plan?
The new State Housing Plan 2018-2021 aims to facilitate decent and adequate housing in a rental and property regime for young people with limited economic means. For this purpose, direct aids will be granted to the tenants, and subsidies will be granted to purchase the dwelling.
Who can apply for this aid?
- Be the owner or be in a position to sign a tenancy contract as a tenant.
- Be less than 35 years old at the time of requesting assistance.
- That the rented property constitutes the habitual and permanent residence of the tenant.
Have an income equal to or less than three times the Public Indicator of Multiple Effects Income (IPREM). This requirement includes all persons who have their habitual and permanent address in the rented dwelling regardless of whether they are the rental agreement owner.
The monthly rental price must be equal to or less than $600. However, the autonomous communities may increase up to $900 the maximum monthly rent in certain municipalities when they justify it.
For the case of the acquisition of the house, the conditions are similar although with slight variations:
Be able to sign a public or private contract for the purchase of a property.
Be less than 35 years old at the time of requesting assistance.
The housing is in municipalities of less than 5,000 inhabitants and has an acquisition price of fewer than $100,000.
These aids will not be granted as long as the applicant or any of those who have their habitual and permanent residence in the dwelling object of the lease or purchase contract is in one of these situations:
- Owning a home in the UK, except those who hold property to prove the unavailability of the property due to separation or divorce or cannot live there for any other cause beyond their control.
- Have kinship or affinity with the landlord of the property.
- Be a partner or participant of the person who intends to rent the property.
In addition, in the case of rental subsidies, these will be incompatible with the perception of any other Emancipation Basic Income program or plan that may be granted by the autonomous communities, local corporations, or other public administrations or entities.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.