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COAG financing from the revenues of the Casino

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COAG financing from the revenues of the Casino

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The plans of KOAG envisage the construction, for the next years, of more than 800 housing units and that its financing will be done from the revenues of the Casino , said the Government Spokesman Marios Pelekanos.

The President of the Republic Mr. Nikos Anastasiadis chaired today, at the Presidential Palace, a meeting on the Government's housing policy, in the presence of the Ministers of Finance, Interior, Labor, Energy, Trade and Industry, the Deputy Minister of Welfare and other officials.

READ ALSO: Buying a home for young people in Europe is a lost dream

During the meeting it was agreed that with the opening of the casino-resort in Limassol, a percentage of 15% of the Government revenues from the use of the casino services will be given to the Cyprus Land Development Organization to promote the projects undertaken by the Organization .

The plans of the Organization envisage the construction, for the next years, of the more than 800 housing units that will be available either with the method of affordable housing or through the new Affordable Rent Plan, which target the financially vulnerable households.

The total expenditures for the implementation of the housing policy were also discussed, amounting to 125 million Euros for 2022, an amount twice in relation to the expenditures for 2018 and increased by 22.4% in relation to 2021.

The housing plans

Indicatively, it is mentioned that the housing plans for 2022 include:

1. 15 million Euros for the Housing Plan for the Revitalization of Mountainous, Acritic and Disadvantaged Areas and Rural Areas.

2. 62 million Euros for the Housing Plans that concern the displaced and the suffering

3. 22 million Euros for rent subsidy and interest on mortgage loans

4. 11.6 million Euros for the projects implemented through the Cyprus Land Development Organization, and

5. 12 million Euros for a rent subsidy from which approximately 3000 beneficiaries of Minimum Guaranteed Income benefit.

In addition to the total budget, non-monetary benefits should also be included, such as the free allotment of land to young couples facing financial difficulties.

Indicatively, for comparison purposes it is noted that the budget of the Ministry of Interior approximately 67 million Euros for 2021 increases to 79 million Euros for 2022 while the budget of KOAG from about 3 million Euros reaches 11.6 million Euros for same period.

In addition, the meeting referred to the amount allocated for the needs of the “Estia” Plan, which is expected to benefit about 800 borrowers with a total contribution of the state amounting to 200 million Euros.

Home Plan

At the same time, the President of the Republic was informed about the ongoing process of submitting applications for the “Home” Plan, which concerns borrowers who have taken loans with government funds, mortgaging their first home.

During the discussion, reference was made to the effectiveness of other Plans that have been implemented, such as, for example, interest rate subsidies. 4750 households will benefit from this Plan, which will borrow a total amount of 700 million Euros for the acquisition of their main residence.

President Anastasiadis was also informed about the “Save and Upgrade” Plan, which aims at energy upgrading homes. 2300 applications have been submitted for this Plan with the total amount of the grant amounting to 35 million Euros.

Following the instructions of the President of the Republic, in the coming days the Ministry of Interior will announce the details of the new and upgraded, based on what was agreed Housing Plan for the Rehabilitation of Mountainous and Disadvantaged Areas and Rural Areas. In addition, the details of the integrated plan for upgrading the refugee settlements will be announced in the coming weeks.

During today's meeting, the issue of the VAT rate for obtaining a first home was also discussed.

The Government will consult with the political forces and the European Commission in order to find the best solution, always in accordance with the guidelines of the European Union.

Source: www.philenews.com

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