ICO launches an EUR 676 million call for proposals to boost affordable rental housing with support from the InvestEU programme

12 marzo 2026

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  •  The Instituto de Crédito Oficial will invest in the capital of specialised vehicles that promote the construction and development of affordable rental housing in Spain.
  • ICO's contribution to each vehicle will be between EUR 10 million and EUR 100 million and may not exceed 49% of the vehicle’s total size, with the aim of attracting private investment
  •  The initiative aims to mobilise up to EUR 4.5 billion and lays the foundations for the Spain Grows Fund.

The Instituto de Crédito Oficial (ICO) has launched a call to invest in investment vehicles that specialise in social and affordable rental housing projects in Spain, with the aim of contributing to the expansion of the available housing stock at affordable prices.

Through this initiative, ICO will be able to take a stake in the capital of specialised investment vehicles with contributions of between 10 and 100 million euros per operation, but not in any case exceeding 49% of the total size of the fund. In this way, public investment will act as a lever to attract private capital to projects with direct social impact.

The call concentrates all available ICO resources under InvestEU to maximise investment in the affordable rental market. Thanks to the guarantee of this EU programme, ICO can share part of the risk assumed in the transactions, expand its investment capacity and mobilise private resources.

ICO may approve transactions for a total volume of up to EUR 676 million, subject to raising at least an equivalent amount of private investment. Overall, the initiative aims to mobilise up to EUR 4.5 billion in project equity and associated additional funding.

This call also lays the foundations for the Spain Grows Fund, which will combine capital instruments and lines of financing to promote the construction of up to 15,000 homes per year.

Affordable rental housing is still an underdeveloped segment in Spain, with a lower share than in other European countries. With this initiative, ICO seeks to broaden the scope of public resources, attract institutional investment and accelerate the development of a larger and more stable affordable rental market.