The board of shareholders of Andorra Telecom (the Government) has approved the allocation of capital gains obtained from the sale of Avatel’s stake in the capitalization of future public-private fund of affordable housing. As the Minister of Finance of Andorra, Eric Jover, explained, “the fund will be created under the National Housing Institute Creation Act, which will enter into parliamentary procedure during the first quarter of 2020”.
The purpose of the fund is to increase the supply of rental housing through new construction or rehabilitation of existing buildings. The fund will be created by public bodies, that is Government, Comuns, Andorra Telecom and the CASS Retirement Reserve Fund that may provide land, housing or capital for its development; and by private actors who will temporarily give up the use of buildings for their rehabilitation. Thus, the capitalization by Andorra Telecom should allow to accelerate the creation of the fund and its rapid deployment.