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12° Nicosia,
26 May, 2024
 
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Housing projects to be funded from casino revenue

15% of income to be allocated to the Cyprus Land Development Corporration (CLDC)

Source: CNA

The allocation of 15% of the new casino`s revenue, as soon as it becomes operational, to the Cyprus Land Development Corporation for the promotion of its housing policy projects was agreed today at a meeting at the Presidential Palace, chaired by Cyprus President Nicos Anastasiades, on the issue of housing policy, according to a written statement issued by Government Spokesperson Marios Pelekanos.

CLDC, whose budget for 2022 will rise to 11.6 million euros from about 3 million euros in 2021, plans to build more than 800 housing units in the coming years, which will be allocated either through the affordable housing plan or through the new affordable rent plan for economically vulnerable households.

Overall expenditure for the implementation of the housing policy will amount to a total of 125 million euros, double the expenditure of 2018 and increased by 22.4% compared to 2021.

According to Pelekanos, the overall expenditure for the implementation of the housing policy was also discussed during the meeting, which was chaired by President Nicos Anastasiades and attended by the Ministers of Finance, Interior, Labour, Energy, Trade and Industry, the Deputy Minister of Welfare and other officials. As noted in the statement, it amounts to a total of 125 million euros, double the expenditure of 2018 and increased by 22.4% compared to 2021.

The housing plans for 2022 include €15 million for the Housing Plan for the Revitalisation of Mountainous and Disadvantaged Areas and the Countryside, €62 million for housing plans for displaced and affected persons, €22 million for rent and mortgage interest subsidies, €11.6 million for projects implemented through the Cyprus Land Development Corporation, and €12 million for rent subsidies, which concern around 3,000 beneficiaries of the Minimum Guaranteed Income (MGA).

At the same time, the Government Spokesperson notes that in addition to the total budget, non-monetary benefits, such as the free allocation of land plots to young couples facing financial difficulties, should also be taken into account.

In addition, and according to the written statement, the amount allocated for the needs of the "Estia" Plan, which is expected to benefit about 800 borrowers with the total state contribution amounting to 200 million euros, was also discussed during the meeting. Moreover, the application process for the “Oikia” plan, which concerns borrowers who have taken out loans with government funds with a mortgage on their first home, is currently underway.

During the discussion, reference was made to the effectiveness of other implemented plans, such as the one regarding interest rate subsidies. This plan will benefit 4,750 households, which will borrow a total amount of 700 million euros for the acquisition of their primary house, it was added.

Moreover, 2,300 applications have been submitted for the `Save and Upgrade` plan, which aims to upgrade the energy efficiency of homes, with a total grant of €35 million.

"Following instructions from the President of the Republic, the Ministry of Interior will announce in the coming days the details of the new and upgraded Housing Plan for the Revitalization of Mountainous and Disadvantaged Areas and the Countryside. In addition, details of the comprehensive plan for the upgrading of refugee settlements will be announced in the coming weeks," said the Government Spokesperson.

Regarding the issue of the VAT rate for first home acquisition, which was also discussed during the meeting, the Government will consult with the political parties and the European Commission in order to find the best solution, in accordance with the guidelines of the European Union, he concludes.

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Cyprus  |  economy  |  subsidies

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