Italian social housing is a policy/affordability framework and investment activity, not a company form or automatic ETS/impresa-sociale qualification. National channels such as CDP’s FIA and FNA operate as real-estate fund-of-funds, generally through underlying funds/SGRs; their fund-level capital must not be presented as a direct award to a cohousing group. A social-housing project’s affordability, targeted beneficiaries, rents/sale conditions, land rights, planning, investment structure and local public contribution are set through applicable rules and fund/project documents. “Social” purpose alone proves neither eligibility nor a live application route. Keep project owner/operator, institutional fund investor, public landowner and resident household distinct.