The government is proceeding with two more significant interventions aimed at addressing the housing issue as effectively as possible, with two new subsidized programs expected to be implemented soon. The first concerns the new “Renovate” program for rental and owner-occupation with a budget of 400 million euros, which is scheduled to begin in May, as announced this week by Deputy Finance Minister Nikos Papathanasis.
Housing: Who the government’s first program targets
The program will primarily subsidize energy upgrades and renovation of vacant properties with the prospect of their owners renting them at affordable prices to households. It will also subsidize the renovation and energy upgrade of properties already inhabited by their owners and will continue to be owner-occupied. The largest portion of this program is expected to be utilized for the rental renovation component, while the remainder will go toward owner-occupation.
According to information, the goal is for a specific percentage of funding to be allocated mandatorily for energy upgrade purposes and the remainder for reasons related to the broader concept of renovation. Regarding income criteria, they are expected to align with those of the “My Home II” program, which were significantly expanded by government decision to increase beneficiaries and include middle-income groups.
It should be noted that the income limit in “My Home II” targeting individuals aged 25 to 50 for single persons amounts to 25,000 euros, for couples 35,000 euros with an additional 5,000 euros for each child, while for single-parent families it reaches 39,000 euros with an additional 5,000 euros for each child after the first.
Housing: What the second program involves
The second program involves the construction of housing by construction companies on public land that they will undertake to develop after a tender process within the framework of the Social Contribution policy announced by the government. Private contractors will undertake the obligation to offer a percentage (30%) of the properties they build to the market for long-term rental at low rent. They will be able to sell the remaining housing stock. This program, according to the current timeline, is expected to be implemented in the summer.
