The second announcement of the Housing Scheme for financial assistance to young people and young couples under 41 years of age was announced on Wednesday by the Minister of Interior, Konstantinos Ioannou.
Speaking after the Council of Ministers meeting, Mr. Ioannou said that the Plan was evaluated based on the comments submitted by interested parties and is being re-announced with improved criteria, so that it is more attractive and serves its purpose more effectively.
As he said, the electronic platform www.housing.moi.gov.cy reopens today at noon and will remain open until November 30, 2025.
According to the Minister of Interior, the second announcement of the Plan includes improvement amendments, which concern the increase of the maximum usable area of a residence from 100 sq.m. to 150 sq.m..
Also, the reduction from 10 to five years of the requirement for use of the residence for permanent residence.
Furthermore, the increase in the maximum gross family income limit by €5.000 for all categories.
In addition, participation in the Young Couples and Families Scheme, even if one member of the couple has reached 41 years of age at the time of submitting the application.
He added that during the first announcement of the Scheme, which was in force from November 15 to December 31, 2024, 275 applications were submitted, of which 233 were valid and 42 were invalid. The 233 valid applications have already been forwarded to the District Administrations and their examination has begun. He reminded that the grant ranges from €20.000 to €50.000 according to the composition and income of the family.
Continuing, the Minister stated that he had the opportunity to inform the President of the Republic and the Council of Ministers about the performance so far of the other housing policy plans and measures.
Referring to the urban planning incentives and the Build to Rent Scheme, which provide for the granting of an additional building factor of up to 45% of the current one, Mr. Ioannou underlined the very high interest from entrepreneurs in the construction sector. Specifically, he pointed out that 36 developers have expressed interest, some of whom have already signed an agreement with KOAG, while others are at the development planning stage or have submitted an application for a planning permit. From the interest so far, it is estimated that a total of over 1.500 residential units will be produced. Furthermore, he said, utilizing the right to buy out the building factor, with the data so far, it is expected that an amount of €7 million will be paid to the special Affordable Housing Fund of KOAG, to be channeled into the implementation of the Organization's programs for the construction of affordable housing units.
In relation to the Housing Schemes for remote, mountainous and disadvantaged areas and specific rural areas, following the review last May, he said that 262 applications have been submitted. Of these, 70 have been approved for a total amount of €3 million, while the rest are under review.
Finally, regarding the Renovate-Rent Scheme, Mr. Ioannou noted that the KOAG electronic platform remains open for submission of applications from owners of idle premises. So far, he added, 277 interested owners have registered on the platform and 21 applications have been submitted and are being evaluated by KOAG.
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