Alejandra Mora, founding partner of ALAS Affordable Housing, has been interviewed by the newspaper El País in a conversation where she analyzes the purpose and the most distinctive aspects of ALAS Affordable Housing:
A real estate investment model with social returns:
“The goal is to be a major provider, holder, and manager of affordable housing in Spain at scale, with a long-term focus.”
Financing with capital that is continuously reinvested in affordable housing (Evergreen model):
“Traditionally in Spain, closed-end investment funds operate with entry and exit strategies. At ALAS, we have no plans to close this vehicle,” Mora explains.
Homes that cannot be sold:
“Our homes will not be subject to unplanned divestments; they will not go through a cycle in which their affordability is lost. It’s the role of the trustee, who preserves homes at affordable prices.”
Public land and non-profit developers:
The land where the first 1,442 homes are being built is public, and the developers in charge of construction are non-profit entities. They are required to build at cost price and will receive financing from ALAS.
And an innovative structure like the SBIC, a pioneer in the sector:
“This is still an investment—it’s not idealism, nor is it a charitable foundation activity.” ALAS offers a solution for capital that seeks to generate social impact through housing investment.
A must-read to understand why ALAS is not just a provider and preserver of affordable housing in Spain.
Don’t miss the full interview.
