Key data
| Regulation | Resolution of August 26, 2026, from the Under-Secretariat — Addendum to the ICO-MIVAU Agreement for the Social Housing Promotion Facility |
|---|---|
| BOE Publication | September 5, 2026 |
| Entry into force | July 31, 2026 |
| Affected parties | Public and private developers of social or affordable rental housing that access financing guaranteed by the State through ICO |
| Category | Real Estate |
| Maximum guarantee amount (new) | 375 million euros |
| Maximum guarantee amount (previous) | 2,000 million euros |
| ICO Commission (new) | 6.9 million euros until 2056 |
| ICO Commission (previous) | 31 million euros |
| Framework of origin | PRTR Simplification Addendum, approved in December 2025 |
Social housing developers who counted on up to 2,000 million euros in state guarantees through ICO must recalculate their financial plans: the new ceiling is 375 million euros, an 81% reduction derived from the Simplification Addendum of the Recovery, Transformation and Resilience Plan (PRTR), approved in December 2025.
The Resolution of August 26, 2026 from the Under-Secretariat publishes the addendum to the agreement between the Official Credit Institute (ICO) and the Ministry of Housing and Urban Agenda (MIVAU) that formalizes these changes, effective from July 31, 2026.
What does this regulation establish?
The addendum modifies four specific aspects of the original ICO-MIVAU agreement for the Social Housing Promotion Facility:
| Aspect | Before | After |
|---|---|---|
| Maximum amount of state guarantees | 2,000 million euros | 375 million euros |
| Administration commission to ICO | 31 million euros (until 2056) | 6.9 million euros (until 2056) |
| Subjective novation of the loan | The new holder had to be identified from the start | The new holder can obtain the required authorizations and ICO approval after the granting |
| Managing unit at MIVAU | General Directorate of Housing and Land | General Directorate of Planning and Evaluation of MIVAU |
The origin of these changes is the PRTR Simplification Addendum, approved in December 2025, which revised downward the investment commitments linked to European funds in several instruments, including this guarantee facility for social housing.
The change in subjective novation is especially relevant from an operational point of view: until now, if a developer wanted to transfer the loan to a different operator (for example, a social rental management company), that third party had to be identified before the credit was granted. With the new wording, it is sufficient that it subsequently obtains the necessary authorizations and ICO approval, which gives much more flexibility to project structures.
Economic and operational impact
The reduction in the guarantee ceiling does not automatically mean that already-approved projects lose coverage, but it does have direct consequences for those who have not yet formalized their financing:
- Lower total instrument capacity: With 375 million available compared to the original 2,000 million, competition for remaining guarantees intensifies. Developers who have not secured their position must act urgently.
- Proportionally reduced commissions: The administration commission that the Ministry pays to ICO goes from 31 million to 6.9 million euros until 2056, reflecting the lower volume managed and does not represent an additional cost for developers.
- Greater structural flexibility: Flexible subjective novation allows designing project structures where the manager or final operator of the property is not defined at the time of requesting the guarantee, something common in public-private collaboration projects or affordable housing funds.
- Change of contact at MIVAU: Management moves to the General Directorate of Planning and Evaluation. Developers must update their contacts and budget item references in their files.
Who does it affect?
- Private developers of social or affordable rental housing who have applied for or are processing financing with ICO guarantee under this facility.
- Public developers (municipalities, municipal housing companies, autonomous communities) that access ICO loans guaranteed by the State for social housing projects.
- Investment funds and capital vehicles specialized in affordable housing that structure operations with guaranteed financing and final operators different from the original developer.
- Managers and operators of social rental housing parks that may be recipients of a subjective novation of the loan.
- Financial and legal advisors that structure social housing financing operations with state guarantee.
Practical example
A municipal housing company wants to develop a building with 80 social rental apartments and applies for financing guaranteed by the State through ICO under the Social Housing Promotion Facility. At the time of application, it plans that a specialized private company will assume the rental management, but has not yet closed the contract with it.
With the previous regulation: ICO required that this management company be identified from the start as a potential new loan holder. If it was not defined, the operation could not be structured with subjective novation and the developer assumed the full burden of the loan indefinitely.
With the new wording: the municipal company can apply for the guarantee and loan without having closed the contract with the management company. Once the operating company is selected, it obtains the required authorizations and ICO approval, and the novation is formalized. This unblocks operations that were previously paralyzed by the lack of early identification of the final operator.
As for the available volume: with the new ceiling of 375 million euros, a project of 10 million euros in guarantees already represents 2.7% of the total instrument, compared to 0.5% that it represented with the original 2,000 million. The relative scarcity is real and project prioritization will be more competitive.
What should companies do now?
- Verify the status of your ICO file: If you have an application in progress under the Social Housing Promotion Facility, confirm with ICO whether your operation falls within the new ceiling of 375 million or if it may be affected by the reduction in instrument capacity.
- Update the contact at MIVAU: Management has moved from the General Directorate of Housing and Land to the General Directorate of Planning and Evaluation. Update contacts, budget item references and any pending official communications.
- Review the subjective novation structure: If your project contemplates that a third party assumes the loan in the future (management company, fund, operator), analyze with your legal advisor how to take advantage of the new flexibility to not block the operation due to lack of early identification of the operator.
- Prioritize formalization if you have pending projects: With a ceiling 81% lower than the original, available guarantees are limited. If you have a viable project, do not delay the processing.
- Consult the complete addendum: Review the Resolution published in the BOE on September 5, 2026 to verify updated budget items and exact conditions of the modified agreement.
Frequently asked questions
How much have ICO guarantees for social housing been reduced?
The maximum amount of state guarantees has gone from 2,000 million to 375 million euros, an 81% reduction. This cut is a direct consequence of the PRTR Simplification Addendum approved in December 2025.
What is subjective novation and what changes with this addendum?
Subjective novation is the change of the holder of a loan (for example, when the developer transfers the credit to the company that will manage the rental). With the previous regulation, the new holder had to be identified from the start. Now it is sufficient that it subsequently obtains the required authorizations and ICO approval, which facilitates operations where the final operator is not known at the time of granting.
How much will the Ministry pay ICO to manage the guarantees?
The administration commission that MIVAU pays to ICO is reduced from 31 million to 6.9 million euros, in proportion to the lower volume of guarantees managed. This amount covers the period until 2056.
When did this addendum enter into force?
The addendum is effective from July 31, 2026, although it was published in the BOE on September 5, 2026.
What unit of MIVAU now manages social housing guarantees?
Management has moved from the General Directorate of Housing and Land to the General Directorate of Planning and Evaluation of MIVAU. Developers must update their contacts and budget item references in their files.
Official source
Consult complete regulation in official source
Notice: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-18677
