The Ministry of the Interior has made improvements to the Housing Scheme granting financial assistance to young people and/or young couples up to 41 years of age and the Renovate-Rent Scheme in view of the start of the submission of applications next Friday, November 15.
"The aim of the changes is to facilitate the participation of potential beneficiaries and to simplify the application process", says today's announcement of the Ministry of Foreign Affairs.
In particular, as mentioned, for the Housing Plan granting financial assistance to young people and/or young couples, the change affects potential beneficiaries who will not have already acquired the residence at the time of submitting their application. It refers to the provision for filing a sales document with the Department of Cadastre and Land Surveying (TCX) at a later time of submitting the application and not when submitting the application to participate in the Plan.
Applicants may, in lieu of submitting the deed of sale when submitting the application, submit a signed home retention agreement (between seller and buyer/applicant signed by both parties), which includes the estimated acquisition cost (expenditure), together with with other relevant technical data and characteristics of the residence, as described in Appendix B of the Plan, so that the eligibility of the residence is evaluated based on these data and the amount of the financial aid is calculated.
At the same time, provided that during the examination of the application by the relevant District Administration it is found that all the other criteria and conditions of the Plan are met, a pre-approval letter will be sent to the interested party/applicant for his positive evaluation, which will state his obligation to secure a stamped of a sales document deposited in the Tax Registry, within four months from the date of receipt of said letter. Otherwise, the pre-approval is canceled and the application is rejected, even if it is presented at a later time.
As far as the Renovate-Rent Scheme is concerned, the amendment concerns the procedure for depositing the sponsorship for the renovation or upgrade works. In particular, the grant will be paid in two installments instead of a one-time installment at the end of the works, as originally envisaged in the Plan.
Eligible owners will be able to receive an interim payment of 40% of the amount upon completion of 50% of the renovation/upgrading works, provided they provide designer's certificate, documents/receipts and photographs, concludes the Ministry of Interior
