Art. 11 of Italian Legislative Decree 112/08, Prime Ministerial Decree of 16 July 2009, and Prime Ministerial Decree of 10 July 2012, (published in the Official Journal on 19 February 2013) introduce the fundamental contents of the National Housing Plan, significantly innovating the approach to social housing funding.

The six lines in the Plan (Art. 1, paragraph 1 of the Prime Ministerial Decree of 16 July 2009) include the possibility of using closed-end property funds as an instrument to fund the construction of social housing units, pursuant to the Ministerial Decree of 22 April 2008. Such property funds can be constituted by the participation of public and private entities and can be implemented through an Sistema Integrato di Fondi ('SIF'), comprising a national fund and a series of local funds. In other words, social housing projects can be implemented and executed on the territory through the development of local funds, in turn subscribed by the national fund.

Currently, SIF national fund is FIA, managed by CDPI Sgr.

It must be noted that SIF and, consequently, the national fund's activity, represent only one of the project lines provided for by the National Housing Plan. Real-estate funds, if adequately developed, will allow for achieving some of the national plan's objectives, but do not represent the sole or main implementation instrument or the only solution to the entire housing deprivation issue affecting the Country.


Summary of the main legislative provisions on social housing

Italian Legislative Decree June 25, 2008, Art.11

Housing Plan
Involves the use of closed-end property funds as implementation instrument of the Plan.
It identifies the socially disadvantaged groups to whom the social housing offer is addressed:

  • Low-income households, including single-parent and single-income families.
  • Young couples on low-income.
  • Socially or economically disadvantaged old people.
  • Non-resident students.
  • Subjects undergoing executive issuance procedures.
  • Other subjects who meet the requirements of Art. 1 of Law No. 9 of 2007.
  • Low-income legal migrants, who have been resident for at least 10 years in Italy or for at least five years in the Italian region in question.

Prime Ministerial Decree of 16 July 2009, Art. 11 and Prime Ministerial Decree of 10 July 2012 (published on the Official Journal on 19 February 2013)
National Housing Plan

It defines the regulatory and operational framework of national funds related to the integrated property fund system, regulating, among other things:

  • Allocation of the investments to increase the supply of Social Housing units.
  • Target returns and economic sustainability of the projects.
  • Criteria for participation of National Funds to local investments.
  • Integration with local public policies.

Italian Ministerial Decree of 22 April 2008
Definition of Social Housing Unit

Social housing units include residential units and services intended for disadvantages individuals and households, who cannot access free-market residential units. This definition includes the residential units constructed or restored by public or private operators, including with recourse to subsidies or public contributions, intended for a temporary lease of at least eight years at the amount agreed and for the sale at maximum fixed prices (social housing).