CEB to finance over 350 cooperative housing units in Catalonia, Spain

Barcelona – The Council of Europe Development Bank (CEB) has approved a €31 million loan, backed by the InvestEU guarantee programme, to Sostre Cívic, Catalonia’s largest housing cooperative. The CEB loan will finance the construction of more than 350 cooperative housing units on publicly owned land, increasing affordable housing availability and supporting residents of Catalonia who cannot afford to buy or rent at market prices.

Thanks to the CEB loan, Sostre Cívic will provide cooperative housing units under a unique model called "cessio d’ús" (right of use), an innovative alternative to traditional home ownership and renting. The model requires an initial contribution and the payment of monthly instalments by cooperative members based on the costs of acquisition, maintenance and operation of the cooperative housing project, rather than real estate market values. This provides members with affordable and stable housing, protecting them from market fluctuations. Currently, the cooperative manages the largest right-of-use housing portfolio in Catalonia, with nearly 1,200 units.

“In Catalonia, there is a great need for housing at this time. We already have a public sector and cooperatives aligned to expand the stock of affordable housing, but the challenge remains access to financing. That’s why this support from the CEB is so important: it will allow us to build more than 350 homes, doubling our management capacity, and represents significant backing for the cooperative and social housing sector in Catalonia. We hope this will attract more investment to continue expanding the stock of affordable, nonprofit housing led by the community”, said Carlos Alcoba, President of Sostre Cívic.

“We are proud to support this project, as investing in affordable housing aligns with the priorities of the CEB’s Strategic Framework 2023-2027. Through this loan, we aim to help create a future where everyone has access to a safe, affordable place to live, especially socially and economically vulnerable people, including those with reduced mobility or intellectual disabilities”, said Maria Siguenza, CEB’s Country Manager for Spain.

Scheduled to begin in 2025, the project aligns with Social Development Goal 11.1: ensure access for all to adequate, safe and affordable housing and basic services and upgrade slums. Each housing development will meet high-energy efficiency standards and foster community living, with shared spaces and resources to help strengthen the social fabric. Construction of the new units is expected to be completed by 2026, with residents moving in shortly thereafter.

The CEB’s support for this project highlights its strong commitment to innovative, sustainable and affordable housing models that bolster social cohesion and offer stable housing solutions across Catalonia.