Accessibility

Social housing: Homes4All launches a model to regenerate unused properties and create affordable housing

The model, which has already been trialled in a number of cities, aims to promote new social housing projects through the pooling of expertise and innovative financial instruments

Progetto di H4A a Torino gestito dalla coperativa Nanà e rivolto a persone provenienti da situazioni di emergenza abitativa

4' min read

Translated by AI
Versione italiana

4' min read

Translated by AI
Versione italiana

To provide professionals, businesses, third-sector organisations and other stakeholders operating in the housing sector with the know-how needed to transform unused properties into accessible homes, by sharing models that have been tried and tested in social, financial and management terms. With an added benefit: joining the network without having to set up a local company straight away, allowing initiatives to emerge from dialogue and defining the forms of collaboration to be implemented only at a later stage, depending on the projects, resources and parties involved.

This is the proposal put forward by Homes4All, a benefit corporation founded in Turin in 2019, which acquires, renovates and manages property to expand access to housing, including for people in need. This collaborative effort takes shape through Homes4All LAB, a network of expertise launched in April and presented at the end of September: it already involves organisations in Verona, Brescia, Forlì, Bologna, Florence, Turin and Varese, with a national and international outlook.

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The gap in untapped assets

The starting point for the whole initiative is the recognition of the gap between unused housing stock and the supply actually available. Cresme estimates a potential need for around 700,000 homes, taking into account waiting lists for social housing, overcrowding and housing difficulties. On the other hand, there are the millions of homes recorded by Istat as unoccupied. ‘The idea that administrative or tax measures can simply make one figure fit into the other doesn’t work,’ explains Matteo Robiglio, co-founder of the company and lecturer at the Polytechnic University of Turin. Among those homes are mountain cottages and second homes, and the fact that nobody lives there permanently does not mean they are unused. To truly make this housing stock available, we need to offer guarantees to owners, draw up contractual agreements, secure financing and, where necessary, organise building works. It is a task involving meticulous legal, financial and technical engineering. Only with genuine safeguards can owners make their properties available and also be strongly motivated by the social purpose of the initiative.”

The first opening in Genoa

The LAB model stems from the experience gained during Homes4All’s initial attempts at expansion, when it began setting up regional companies with local partners and investors, opening the first one in Genoa in April 2025. This approach is still viable, but it requires time and organisational arrangements that are not always compatible with a collaboration in its early stages. ‘Setting up new companies with local investors takes time,’ explains Federico Disegni, managing director. ‘But the need for support is urgent, as evidenced by the many requests received since the start of operations from public authorities, property owners, third-sector organisations and professional firms. The idea behind the LABs is to pool the experience gained and the network of relationships built up, together with the skills and knowledge that each member brings to the table, in order to provide faster and more effective responses.”

Membership of LABs, which is annual and renewable, provides access to partners with whom to develop new projects. Opportunities may arise amongst members, from local areas or from enquiries received by Homes4All. Potential partners include designers, builders, property developers and social organisations, as well as accountants and solicitors who identify assets suitable for reuse. ‘An architectural practice may be highly specialised in certain areas, but it may lack the services, research, financial contacts or social dimension,’ explains Disegni. ‘In Homes4All, it finds a partner that complements the skills it lacks. The exchange works both ways. A LAB may identify a project within its own area or be brought in by us following a request received directly by the company.”

Sharing the craft

When an initiative takes shape, the necessary support, the division of tasks and the financial returns are defined. Homes4All can provide consultancy or support across several aspects of the operation. “We are keen to share the expertise we have built up over the years and, when a project gets underway, to work together to establish how the benefits and responsibilities are to be shared,” explains Mario Montalcini. “We operate in a spirit of collaboration and ethics.” Membership does not entail an automatic allocation of assignments: it requires active participation in the exchange and development of opportunities. A dedicated section on the Homes4All website is available to initiate discussions.

Renovation in Turin

The transfer of responsibilities is underpinned by the projects already undertaken. With the Barriera di Lanzo Social Housing scheme, in Turin, the company has refurbished a 1950s block of flats covering approximately 750 square metres: the original 16 flats have been converted into 15, with two units on the ground floor combined to accommodate people with disabilities, and the management of these spaces entrusted to a co-operative. In Via Beinasco, in the Aurora district, an 89-square-metre four-room flat has been brought back into use following minor maintenance, upgrades to the building services and a fresh coat of paint, and is listed amongst the let properties. In Genoa, the local housing company has taken over 37 flats following the conversion of a social co-operative into a limited liability company (Srl): according to the company, the twelve-storey building in Begato is home to 92 people, including 25 minors.

Property securitisation

Alongside the sharing of knowledge, work is also being carried out on financial instruments. Following on from share capital, participatory instruments and bank loans, Homes4All is preparing a property securitisation scheme, which is still under detailed consideration. The acquisition of the properties would be carried out by a vehicle separate from the company, financed through the issue of bonds subscribed to by qualified investors. “Homes4All promotes these transactions, assessing the soundness of the investments and supporting the raising of funds,” explains Montalcini. This instrument forms part of the company’s broader efforts to restore assets to use and ensure the economic sustainability of its projects.

‘In some social impact projects, a portion of non-repayable grants is needed to optimise the economic and financial framework. Debt capital can help, but risk capital is also needed. To attract it, we need to consider an exit strategy for the investment – the possibility that the property, once regenerated, will be saleable and will also generate capital gains. Ideally, it would be sold back to the current residents or to investors who wish to retain the same catchment area. It is an ambitious goal, but an achievable one.”

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