The submission of applications for the “Renovate – Rent” program, funded by the Ministry of Social Cohesion and Family with an amount of 50,000,000 euros, began on Thursday, April 11.
The program concerns renovations and repairs, in approximately 12,500 empty houses with the aim of making them available for long-term leases. Applications are being made here.
The maximum amount of the subsidy will amount to 4,000 euros with the possibility of an advance payment of 50% and for the first time the subsidized costs concern functional repairs and renovation works.
After the completion of the renovation, the property must be leased for at least three years to a private individual. The program will be run with the support and supervision of the Public Employment Service (DYPA).
The Minister of Social Cohesion and Family Sofia Zaharaki said: “Quality yet affordable housing is what thousands of young people, couples and families are looking for. One of the main reasons for the increase in rents is the fact that tens of thousands of houses and apartments remain closed because they are old and their owners do not have the ability to make them functional. We are coming to subsidize these renovations and to add another “weapon” to our housing policy and to the battle to lower rent prices.”
The “Renovate-Rent” platform has opened! The program concerns subsidizing the renovation or repair of empty houses and apartments for the purpose of renting them and covers 40% of the costs!
Make your application at pic.twitter.com/VmzKB5kA22
— Greek Government (@govgr) April 12, 2024
Who are beneficiaries?
Natural persons, owners or beneficiaries of residential real estate, for a residential real estate, can be included in the program, as long as the following five conditions are met:
a) The Beneficiaries have full ownership or usufruct of the property in a percentage equal to or greater than 50%.
b) The property (apartment or detached house) has an area of main areas up to 100 sq.m. and is located in a residential area (ie within a general urban plan or within an approved landscape plan or within settlement boundaries or within a settlement zone where special building conditions exist).
c) The Beneficiaries have an annual family taxable income, real or presumed, that does not exceed €40,000 and have real estate, the total value of which does not exceed the amount of €300,000. Annual family income means the total annual taxable, real or presumed, as well as the exempt or taxed in a special way income of spouses or cohabiting partners and protected children.
d) The property has not been declared as a first residence, has not been declared as rented and is declared as empty on the E2 form accompanying the income tax return of the last 3 years.
e) Beneficiaries have not received a subsidy for an energy saving or renovation program in their property in the last 5 years and have not joined subsidized energy saving programs for any of their properties, i.e. from 1.1.2019 onwards.
Eligible costs for work, materials, permits
Indicative of the costs may be included the work for the renovation of a bathroom, kitchen, replacement of the entrance door and internal doors, replacement of floors, replacement or repair of electrical and plumbing installations, structural elements, plastering, tiles, painting and other similar works. Also provided are the costs for purchasing the necessary materials, costs for any required IKA insurance contributions for the works and engineer costs for any issuance of permits, approvals or preparation of studies.
Those interested can find information on all the actions of the Ministry of Social Cohesion and Family here and of DYPA on the website here.
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