Investimentos Habitacionais da Madeira (IHM) opened bids on Thursday for a public tender to cede a 5,580 m² plot of land on Caminho dos Saltos, in the Imaculado Coração de Maria parish.
Two applications were submitted and will now be analyzed. The tender is exclusively for housing and construction cooperatives, aiming to create a block of affordable housing.
The winning cooperative must transfer ownership of at least one housing unit, including a garage and storage, valued at a minimum of 20% of the property's worth, to IHM. The residences are intended for permanent owner-occupation for 25 years, with short-term rentals and commercial use prohibited.
