Housing programs worth €2.4 bln
Four projects aimed at resolving the residential shortage are set to start running soon
The government is throwing four programs with a total cost of 2.4 billion euros into the battle against the housing crisis.
In January, the “My House II” program is expected to be activated with the aim of acquiring housing for 20,000 households, as well as the new program of interest-free loans of €400 million for the energy upgrade of an additional 20,000 homes. Earlier, in November, the “Renovate-Rent” program is expected to be re-promoted with an increase in subsidies to 60% and a maximum subsidized spending limit of €13,330, in order to make it more attractive for property owners who keep them closed, while by the end of year, it is estimated that the first international tender for the “Social Compensation” program will be announced.
The “Renovate my Home” program concerns interest-free loans totaling €400 million, without income, age or property criteria. This is a new energy upgrade and home renovation program with a 100% interest rate subsidy on the bank loan, which can reach €25,000. Here too, the beneficiaries are expected to exceed 20,000. Those who choose to join the program will have to proceed with any energy upgrade expenditure, without needing an energy class upgrade.
The activation of the second phase of the “My Home” program is also expected within January. According to Alternate Finance Minister Nikos Papathanasis, the average interest rate in this program will be below 2% for the purchase of a first home by couples or individuals up to 50 years old.
The “Renovate-Rent” program will be launched again in November with improved conditions. According to Social Cohesion Minister Sofia Zacharaki, in a few days the provision to improve the conditions of the program will be submitted to Parliament, so that the subsidy will increase to 60% and reach up to €8,000 for renovation that will cost the owner of the residence up to €13,330 in total.
By year-end the “Social Compensation” program is expected, which concerns the construction of homes on state properties through competitive procedures and at the expense of the contractor.
