The Minister of Interior, Constantinos Ioannou, is presenting today the details of the "Renovate and Rent" plans and the provision of financial assistance to young people and/or young couples up to 41 years old, which will be implemented in the coming days after their approval by the Cabinet.

According to information received by Brief, these two plans are set to start in mid-November, and changes have been made to some criteria.

Specifically, regarding the financial assistance for young people and young couples up to 41 years old, financial aid will be provided for the purchase of a residence up to 100 square meters (initially intended for up to 85 square meters) in municipal areas. From the plan, with a total expenditure of 15 million euros, 400 families and individuals will benefit (initially aimed for 200).

Eligible for the subsidy will be young couples or individuals up to 41 years old, based on income criteria and household composition, which apply to existing Plans of the Welfare Service, the K.O.A.G, and the Housing Plan for Border Areas.

Specifically, the categories of beneficiaries based on income and family composition are as follows:

• Single Individual: annual total income up to €25,000

• Couple (family of two) or single-parent family: annual total income up to €45,000

• Family of 3: annual total income up to €50,000

• Family of 4: annual total income up to €55,000

The amount of financial assistance is determined as follows:

• for a single individual > €20,000

• for a couple (2 individuals) or single-parent family > €45,000

• for a family with one or more children > €50,000

Geographical Area of Application includes the following areas:

(a) Nicosia District:
Nicosia Municipality: Municipal District of Nicosia, Agios Dometios, Aglandjia, Engomi
Lakatamia Municipality: Municipal District of Lakatamia, Tseri, Community Neighborhood of Anthoupolis
Strovolos Municipality: Strovolos Municipality
Latsia – Geri Municipality: Municipal District of Latsia, Geri
Municipality of Southern Nicosia – Idaliou: Municipal District of Idaliou, Alambra, Lympia, Nisou, Pera Chorio, Potamia

(b) Limassol District:
Limassol Municipality: Municipal District of Limassol, Mesa Geitonia and Cherkezos
Eastern Limassol Municipality: Municipal District of Agios Athanasios, Germasogeia, Agios Tychonas, Akrounta, Mathikoloni, Mouttagiaka, Phoinikaria, Armenochori
Polemidia Municipality: Municipal District of Lower Polemidia and Upper Polemidia
Western Limassol Municipality: Municipal District of Ypsonas, Akrotiri, Asomatos, Episkopi, Erimi, Kantou, Kolossi, Sotira, and Trachoni

(c) Larnaca District:
Larnaca Municipality: Municipal District of Larnaca, Livadia, and Voroklini
Aradippou Municipality: Municipal District of Aradippou, Kellion, and Trullon
Dromolaxia-Meneou Municipality: Municipal District of Dromolaxia-Meneou, Kiti, Perivolia, and Tersefanou
Lefkara Municipality: Municipal District of Pano Lefkara, Vavla, Delikipou, Kato Lefkara, Kornos, Lagia, and Skarinou
Athienou Municipality: Municipal District of Athienou and Avdellero

(d) Paphos District:
Paphos Municipality: Paphos Municipality
Eastern Paphos Municipality: Municipal District of Geroskipou, Agia Marinouda, Ahelia, Koniou, and Timi
Akamas Municipality: Municipal District of Peyia, Akoursou, Ineia, Kathika, Kato Arodou, Kissonerga, and Pano Arodou
Municipality of Polis Chrysochous: Municipal District of Polis Chrysochous, Agia Marina, Androlikou, Argaka, Gialia, Drouseia, Kritou Terra, Makounta, Neo Chorio (Paphos), Nea Dimmata, Pelathousa, Pomos, Terra, and Chrysochous

(e) Famagusta District:
Ayia Napa Municipality: Municipal District of Ayia Napa, Sotira, Avgorou, Achna, and Liopetri
Paralimni – Deryneia Municipality: Municipal District of Paralimni, Deryneia, Acheritou, and Frenaros

The plan aims to integrate vacant/inactive residential units into the affordable rental market, with a subsidy granted to owners for their renovation/upgrading, with a budget of 25 million euros. The renovation concerns 1,000 residential units, offered at affordable rents (30% of the market rent) to potential beneficiaries, based on income criteria. Owners will also benefit from tax relief.

Owners of properties, whether individuals or legal entities. An owner may participate in the Plan for more than one residential unit, provided that all the entry conditions described below are met.

Owners who apply to the Ministry of Energy, Commerce, and Industry (YEEB) for a grant for the energy upgrade of the residential unit may also participate in the "Renovate-Rent" Plan for renovations/construction works not covered by the YEEB plan.

The subsidy applies to renovation or/and repair expenses*, which must be substantiated with relevant receipts. The maximum limits of financial assistance are set as follows:

• for a residential unit with 1 bedroom > up to €15,000

• for a residential unit with 2 bedrooms > up to €25,000

• for a residential unit with 3 bedrooms > up to €35,000

At the same time, the Cabinet decided on other measures, one of which concerns housing policy. Specifically, the Ministry of Finance will accept applications for a subsidy of 2% of the interest rate on housing loans taken out from January 1, 2022, to December 31, 2023, for the purchase and construction of first homes for families with an annual income of €50,000. The total budget for the Plan amounts to approximately €33 million.

Regarding the existing subsidy for the electricity tariff for the special residential pricing for vulnerable consumers (Code 08) and commercial use (pricing 010), i.e., vulnerable households and selected businesses, respectively, the Cabinet decided to extend the measure to cover low-income retirees and single-parent families. Specifically, an additional 22,200 low-income retiree households and 10,700 single-parent family households, which are eligible for a single-parent allowance, will benefit from the measure. This specific subsidy will be in effect until December 2025. The estimated cost of the measure is €25 million.

An additional fund of €15 million for an upgraded "Solar Energy for All" Plan (i.e., without the payment of initial capital), which will also target large families residing in small and medium-sized properties, with the only criterion being the system's capacity.