Vereda
EN

Vereda Foundation for Affordable Housing

A path that is not for sale.

We create affordable rental housing in Spain with rules written into our statutes: families never pay more than 30% of their income, small landlords are paid every month, and homes are never sold to speculate.

I own a flatI need a homeI want to help

Affordable housing, for good

Our purpose, in numbers

≤ 30%
of household income, at most
7 years
minimum lease for families
100%
on-time payments to landlords
0
evictions without an alternative home

Charter commitments. From the pilot onwards we will publish the real figures here every quarter.

Why Vereda

For centuries, the veredas have belonged to everyone

In Spain, veredas are public paths that shepherds and their flocks have walked since the Middle Ages, crossing the country with the seasons. They belonged to everyone and served everyone.

The law still protects them today: a vereda cannot be sold, seized or taken over. Whoever walks it knows it will still be there tomorrow.

Vereda makes the same promise. Homes that join Vereda are kept as affordable rentals for at least fifty years, and no market swing or change of government can turn them into an asset for speculation.

A path that is not for sale.

Why now

What is missing is trust, not laws

3

housing decrees struck down by the Spanish Parliament in 2026Congreso de los Diputados

−9.2%

long-term rental listings in Madrid in a single weekEsadeEcPol, 29 Sep – 5 Oct 2026

1 in 3

landlords are considering taking their home off the rental marketIndustry surveys, 2026

Figures as of 12 October 2026.

How it works

Three pieces, one mission

The guardian

Vereda Foundation

Holds the Charter and a golden share over key decisions, receives donations and protects all other capital with a first-loss fund and a Guarantee Fund.

The vehicle

Vereda Vivienda

A Spanish company that buys homes at fair value and builds on public land. Its investors earn at most inflation + 3%.

The programme

Vereda Pact

For owners of one or two flats: lease them to us for 5 to 7 years, get paid every month with no risk, and a family pays a fair rent.

Run by Vereda Gestión, wholly owned by the Foundation: nobody owns the operator, and its fees have a public cap.

For landlords

Paid every month. No surprises.

If you own one or two flats and cannot risk another unpaid rent, the Vereda Pact gives you what the market cannot guarantee.

  • Paid on the 5th of every month, whether the flat is occupied or not
  • No arrears, no empty months and no admin
  • Your home returned as you handed it over
  • The tax relief available to those who let to a non-profit

Four ways to take part

Guaranteed lease
Keep your flat and lease it to us for 5 to 7 years at a guaranteed rent.
Fair-price sale
We buy at an independent valuation, never below it, with a buy-back right for 5 years.
Bare ownership
For older owners: money today and the right to keep living at home for life.
Refurbishment
If your flat needs work, we pay for it and recover the cost from part of the rent.

Run your numbers

Annual net on the open market
–
Annual net with the Vereda Pact
–
Difference per year
–

Indicative estimate with prudent assumptions: on the open market, one empty month a year, 5% arrears, 8% management and €600 of repairs; €2,200 of fixed costs; Vereda pays 92% of the affordable rent. The 70% relief is subject to a binding ruling from the Spanish tax authority. Not tax advice.

For tenants

Your rent, never more than 30% of what you earn

Rent linked to your income
If your income falls, your rent falls. We review it every year.
Long leases
Seven years at least. If a landlord takes their flat back, we offer you another.
Help before court
If you cannot pay one month, we make a plan with you. We will never ask you to leave without offering an alternative.
No extra costs
Just one month's deposit. No agency fees or guarantors.
A voice in the fund
Tenants elect their own representatives to Vereda's board.

We are just starting: the pilot will have around 100 homes in two cities. We cannot promise you a home today, but we can promise fair rules when we have one.

Social Function Charter

Rules written into our statutes, stricter than the law

≤ 30%
of household income, bills included
7 years
minimum lease, renewable
0
evictions without an alternative home
CPI + 3%
maximum return for investors
50 years
asset lock: homes are never sold to speculate
6 : 1
top-to-bottom pay ratio; €120,000 cap

The Charter can only be amended to strengthen its social function.

Get involved

Be the foundation stone, not the ornament

Donors

Your gift absorbs the first risk and mobilises 6 to 9 more euros. Tax-deductible in Spain under Law 49/2002.

Contact us

Impact investors

Stable, indexed income with a return capped at inflation + 3%. Help us design the vehicle.

Contact us

Public bodies

Public land by tender and stable rules. In return, guaranteed affordable rent for decades.

Contact us

Social organisations

Refer and support families with public criteria, regardless of origin or belief.

Contact us

Vereda does not offer investments to the public. Any investment will be made only through an authorised vehicle with the legally required documentation.

Transparency

Nobody earns more because you pay more

  • Operator margin capped at 15%. Any surplus is returned.
  • Executive pay capped at €120,000, with a maximum ratio of 6 to 1.
  • Open data every quarter and an independent social audit.
Operator fees
Pact management5% of rent
Owned-home management5% of rent
Asset management0.5% of value a year
Acquisition or development1% one-off
Performance feeNone

Frequently asked questions

Are you a vulture fund?

No. A vulture fund buys cheap from people in trouble and raises rents. Vereda buys at appraised value, cannot charge more than 30% of income, and its investors cannot earn more than inflation + 3%.

Who owns Vereda?

A foundation. The operating company is 100% owned by the Foundation and no individual holds shares in it.

Why a private fund and not public housing?

Spain needs much more public housing. While it is built, thousands of private flats leave the rental market. Vereda acts on them now and works with public bodies on public land.

Do you support a party?

No. We sent the same proposals to every candidate and publish every answer.

What if a tenant cannot pay?

We start a support plan: a rent review, benefits and a payment plan. No eviction without an alternative.

What do you not know yet?

Whether the Spanish tax authority will confirm the 70% relief for the Pact. We will ask before signing the first contract and publish the answer.

Contact

Write to us to request the White Paper, the full Charter or a meeting.