After the great success of the “My Home” program, which provided for the granting of low-interest or interest-free loans for the purchase of a house to 10,000 young people and young couples, the Ministry of Family and DYPA set as a priority in 2024 the renovate – rent program, which provides for subsidizing renovation costs for vacant homes and unoccupied properties.
The program aims to increase in housing available for rent, with the aim of solving the housing issue for young and vulnerable groups. According to the schedule, the issuance of a Public License for the start of the Renovate – Rent Program for vacant houses is foreseen in the first quarter of 2024.
The program will subsidize the cost of renovation for vacant homes that will be rented, up to 40% of the renovation work and materials invoices and up to €10,000.
What will the beneficiaries gain?
In addition to the subsidy, the profit for the beneficiaries will also be the low rent. The financing from the Recovery Fund includes the renovation costs of 100 apartments in the Municipalities of Athens and Thessaloniki, as well as technical assistance costs.
In the foreground is social compensation
Social compensation: More long-term is the social compensation program, a new tool for utilizing public real estate to provide low-rent housing. The action concerns the construction of 2,500 houses for 5,000 young beneficiaries up to 39 years of age and their disposal either at a low rent or by purchase according to the rent to own model. The action will have zero cost to the State.
How the program will work
The program envisages the utilization of unused DYPA plots in Paiana, Kifissia, Larissa and Xanthi through partnerships with the private sector, for the construction of social housing. By the Spring of 2024, the relevant MLA will be issued, while a consulting company has already undertaken to study the bids in order to start the announcement of the first tenders and to select the contractors based on the technical specifications that will be defined by DYPA.
DYPA will grant the undeveloped plot, for which the contractor will be selected after a tender, who will undertake to construct modern residential and commercial buildings, based on the specifications provided for in the notice.
Within 2024, the construction of the houses is expected by the private builders. Afterwards, the leasing of 50% of the houses on behalf of the State will begin, with low rent, to young people based on criteria, while there will be a special quota for those with three children and those with many children.
The public entity will retain ownership of the properties, while the contractor will receive in return the concession of exploitation until the costs are covered and on the condition that a percentage of the houses will be made available at a reduced rent to the beneficiaries of the social compensation program
Source: Daily
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