ICO direct developer finance is open for applications 1 September 2026–31 December 2035 unless published resource exhaustion occurs (conditions art. 4.6). Borrower must be a Spanish domiciled, exclusive-purpose capital-company SPV, not a cooperative merely by virtue of incorporation. Art 6 requires an experienced/solvent promoter group: comparable completed multifamily homes over the preceding 10 years, technical capacity and ICO risk approval. Development transfers into a same-group holding SPV through the prescribed asset deal.
Conditional Tramo No Reembolsable is a loan-principal component until suspensive conditions permit forgiveness; cap 30% of extended loan, sized to proven viability gap. It is not an upfront unconditional 30% grant. Own-funds and cost/value ratios apply separately; land acquisition/public land fee and most pre-application costs are excluded, with limited technical/licence exceptions (arts 12–15).
Protected affordable rental is the purpose. At least 50% of homes remain rental in permitted mixed schemes. TNR or mixed schemes require permanent protection; other non-TNR operations at least 20 years, with regional protection/title/registered obligations (art. 8). Rights over public or private land must match the financing and security. Do not assume cooperative use fees qualify as rental without ICO confirmation.