Housing Crisis Addressed
The Cyprus government, under the leadership of Interior Minister Constantinos Ioannou, has earmarked a budget of €77 million to be spent over the next five years in a bid to resolve the ongoing housing crisis. The primary focus of this initiative is to provide relief to the middle class and the younger population, who have been significantly impacted by the housing predicament.
Assistance and Eligibility
A significant portion of the fund is allocated to provide financial assistance to eligible individuals and families. The eligibility for this assistance is determined by a set of criteria laid down by the social welfare services. Depending on the household size, the assistance amount varies, thus ensuring a fair distribution of resources.
Renovation Incentives
To boost the availability of affordable housing, the government has introduced a 'renovate-rent' scheme. This initiative encourages property owners to renovate underutilized or vacant properties and make them available for rent at affordable prices. The move is aimed at not only improving the current housing stock but also at providing more budget-friendly housing options to the populace.
Rural Development
In addition to urban housing solutions, the government is also eyeing rural development as a means to alleviate the housing crisis. By allocating building plots to low-income families in rural areas, the initiative aims to provide more housing options while also promoting rural development and reducing urban congestion.
Assisted Renovation Scheme
The assisted renovation scheme is another feather in the cap of the government's comprehensive plan to tackle the housing crisis. Under this scheme, financial aid will be provided to renovate up to 1,000 housing units over a span of two years. The amount of aid provided will be based on the unit size, and the renovated units will be made available for rent at affordable prices, further augmenting the availability of cost-effective housing options.
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