Cerejeira advises Vila Nova de Gaia on €111,5M housing project

Cerejeira Namora, Marinho Falcão has advised the Municipality of Vila Nova de Gaia on an innovative project to promote affordable housing. The initiative, named “Public Offer for the Acquisition of Housing,” has a total funding of 111.5 million euros. This initiative aims to assist people living in inadequate housing conditions who lack the financial capacity to improve their situation, states the law firm. It utilizes funds from the Recovery and Resilience Plan (PRR), in collaboration with Gaiurb EM – the entity responsible for urban planning, social housing, and urban rehabilitation in the municipality.

The goal of this project is to acquire already built units, regardless of whether they require renovation, as well as to purchase units under construction, which must meet the conditions described in the Municipality’s notice. In the first edition, 41,5 million euros were allocated, divided into two installments of 11,5 million euros and 30 million euros. In the second edition, the total amount reached 70 million euros, also divided into two parts, explains the firm in a note. The Cerejeira Namora, Marinho Falcão team involved in the operation was led by partner Ricardo Maia Magalhães (pictured).