The FIA began its activity in 2010 with about 2 billion EUR equipped (CDP, MIT and other investors). The fund acts on a national base, investing shareholding quota of local funds promoted and managed by other SGR (the so-called SIF – Sistema Integrato di Fondi – Integrated Fund System).
Until now, it approved investments in 31 local funds, managed by 9 different SGR, with more than 260 potential projects that at the end of their time schedule (fixed for 2020) will become 20.000 housing units and 8.500 sleeping places for temporary and student houses.
The functional mix of the projects is characterized by a strong presence of social housing units and temporary and student houses (about 90%) and then other functions, as neighborhood shopping and services. The 65% of the social housing are meant for renting, the 18% for renting with a deal of future selling and the 17% to direct selling for an agreed price with the local public administration.
The interventions can be divided into 4 main different categories: (i) project for urban renovation, (ii) recovering and re-function for the existing real estate property, (iii) acquisition of unsold buildings to be used for long-term rent and (iv) intervention in completion area for the city boundaries. The projects are then characterized not only because they increase the available number of social housing units available, but also because they give a real contribution to the renovation of the urban setting of the district where they are located, also implementing the offer of services and new public spaces for the community. The housing units are assigned through public procedures, with prices and fees agreed with the Municipalities, which are usually lower than the normal one.
Today there are 27 active building funds of the SIF that has started 141 interventions, of which 90 are already realized, making available 4.000 housing units and 1.900 places in temporary and student housing – 25 are under construction and for other 26 the activities necessary for the starting of the work are running.