||The recent developments in the Italian housing finance are definitely playing a real chance in Italy: the lack of diversified and flexible tools and, above all, the shortage of public resources, led the Italian government to reduce its traditional massive supply of housing. The fact aimed at moving towards more decentralized initiatives as local cooperation between public and private stakeholders. In such a context the governmental act “Piano Nazionale per l’Edilizia Abitativa”, enacted last July 2009, represents now a turning point: it will provide local investors with a national regulation, introducing more flexible financial tools. This paper explains how the present regional public programs (see the “Programma Casa” in the Piedmont Region”) will surely take advantage from the new scheme. Some of the facilities introduced regards the possibility of acquiring, for example, buildings and free land at a fair price, as well as to involve private partners available to earn not more than fair yields from their venture capital. Some major banking foundations (see i.e. the “Fondazione Housing Sociale – FHS” in Milan or the “Compagnia di San Paolo” in Turin) began to invest in private-social housing projects through local programs (free grants, building and management of temporary dwellings, cooperation with the third sector, etc). Their growing experience could be spent by now for supplying housing in partnership with local public bodies. This study reflects the early fallout of actions led by means of the advisory activity (demand-supply analysis, pre-feasibility assessment, management tests) that the SiTI Institute, an instrumental research body founded by the Polytechnic of Turin and the “Compagnia di San Paolo” Foundation, has developed to support the start up of the forthcoming real estate ethical Fund “FASP-Fondo Abitare Sostenibile Piemonte” in the local context of the Piedmont Region. Moreover, in order to gather the sense of the Fund (shared by 9 banking Foundations as well as by the Piedmont Region) and to address appropriate social housing interventions within the Piedmont Region, this paper offers an insight of the present housing discomfort in Piedmont, with a particular deepening into the “rents on income” ratio, that, during last 10 years, has been increasing, especially for particular social groups, as it emerges analyzing the recent increasing phenomenon of the family unit fragmentation.