A housing trust will oversee the scheme. | Teresa Ayuga

Parties at Deya town hall have given unanimous approval for the creation of a housing trust, the main function of which will be to facilitate access to housing for Deya residents.

Under this scheme, interested owners will be able to assign properties to the town hall in exchange for a monthly consideration of 6.30 euros per square metre up to a maximum of 923 euros monthly rent. Tenants will pay the town hall no more than 4.60 euros per square metre.

The temporary assignment of properties will be through agreements with an initial duration of four years, extendable by four more. Owners will benefit from a virtual elimination of IBI (rates) payments - the town will reduce the tax by 95 per cent.

If owners have registered holiday rental places and decide to cancel these, the town hall will pay 291.67 euros for each place.