The Cascina Merlata Social Housing Real-Estate Fund, is one of the biggest social housing undertakings in Italy, located in Milan near the site of Expo 2015, it springs from the need to satisfy new and substantial housing requirements arising from migration flows, young couples, one-salary families, students from out of town and people needing temporary accommodation. These needs do not only concern the socially and financially weaker brackets but also that “grey” bracket of the population that neither has access to Public Residential Building nor the possibility of using the free market.
The promoters of the initiative, the Cassa Depositi e Prestiti Investimenti SGR (through its Housing Investment Fund, Fondo Investimenti per l’Abitare), the Cassa nazionale di Previdenza ed Assistenza dei dottori commerciali e quella dei ragionieri (social security institutes for business consultants and accountants), through the Crono fund, decided to take action, by means of a real-estate investment fund, to help to solve the housing needs of the area.
The aim of the Cascina Merlata Social Housing Fund is to carry out Social Housing undertakings in the Milanese hinterland, promoting real-estate investments for the purposes of rental, trying to maximize the number of dwellings rented at controlled rates, and in any case within the maximum limit of the “Agreed Rent” (Law 431/98), implementing the Housing Plan approved by a Decree of the President of the Council of Ministers of 26 July 2009.
The Fund’s real-estate portfolio consists of 7 high-rise building undertakings for a total of 398 apartments, all with related appurtenances, as well as an urbanized area for the development of 4 other high-rise buildings with 293 apartments (phase 2).