Finance Minister extends rent program to assist more homeowners

The Cabinet has approved an expansion of beneficiaries for the Rent Relief Program against Installments, announced Finance Minister Makis Keravnos after the body's session.

"This Cabinet decision aims to further assist our fellow citizens facing issues with loan servicing companies and banks with mortgages on their primary residences," he emphasized.

The program opened to the public for applications on December 4, 2023, and will remain open for nine months until August 2024. Keravnos noted that around 2,500 borrowers are estimated to be eligible, with approximately 1,450 applications submitted so far.

Referring to the two main categories of beneficiaries for participation in the program, Keravnos stated, "Recipients of welfare benefits and non-viable applicants from the Housing Scheme who had an unserviced loan secured by their primary residence."

"After implementing the program, the need for partial modification of criteria has become evident to include more beneficiaries and assist more people, without changing the essence and philosophy of the program, which remains targeted at vulnerable groups," he underscored.

Specifically, the Finance Minister proposed extending the benefit acquisition date for inclusion in the scheme from December 31, 2022, to December 31, 2023.

Additionally, he mentioned the creation of "two new smaller categories within the eligible applications related to the Housing Scheme," with the first category involving "borrowers whose creditor did not participate in the Housing Scheme."

The second category, according to Keravnos, pertains to approved applicants in the Housing Scheme whose "approval was not implemented due to other weaknesses and issues, such as the inability to settle encumbrances recorded on the real estate property by creditors."

[With information sourced from CNA]