The platform is expected to open by Thursday for submitting applications for the “Renovate – Rent” program of DYPA at the same time as the issuance of the KYA that will refer to the terms and conditions of the program.
The “Renovate – Rent” program provides for subsidy of 40% of house renovation, up to the amount of 10,000 euros, with a maximum advance payment of 2,000 euros.
Important elements of the program are that there is no age limit for the expression of interest, while a specific period of up to 6 months will be provided during which the renovation of the property must be completed in order to be offered for rent. In case the property is not rented, penalties will be imposed such as the refund of the amount for the renovation.
The beneficiaries
Beneficiaries of the Renovate – Rent program are the owners or beneficiaries of residential properties for one of their residential properties, provided that:
- own or usufruct the property by a percentage that exceeds fifty percent (50%),
- the property has an area of up to one hundred (100) square meters (sq.m) and is located in a residential area,
- have an annual family taxable income, real or presumed, that does not exceed forty thousand (40,000) euros and have real estate, the total value of which
- does not exceed the amount of three hundred thousand (300,000.00) euros,
- the property has not been declared as a first residence, has not been declared as leased and is declared as vacant on the E2 form accompanying the income tax return of the last three (3) years, and
- the beneficiaries have not received a subsidy for an energy saving or renovation program in their property in the last five (5) years and they have not joined subsidized energy saving programs for any of their properties.
The motives
This is a first step, which is likely to motivate some owners to re-allocate their properties. Specifically, the program gives a way out to owners who do not have the required funds to renovate their properties by aiming to bring vacant homes into the rental market by subsidizing the owners for their upgrades.
Approximately 12,500 vacant homes will be included in the action, as long as their beneficial owners follow the necessary procedures.
Specifically, the subsidy from the state amounts to 40% of the costs that the owner will make, for works and materials, while the maximum subsidy is 10,000 euros (materials and works included).
The conditions
A necessary condition is the electronic payment of the invoices and the rental of the property for at least three years.
That is, the works and materials should all have been purchased with regular invoices, which should then be submitted electronically, to avoid tax evasion incidents. In the event that someone renovates his property with black money and without proof, he will not be able to receive the subsidy.
However, Stratos Paradias, president of the Panhellenic Federation of Property Owners, points out that the amount available is small and that it is difficult to collect the invoices, as he typically says: “Most craftsmen will try to convince the owner that it is not in his interest to be burdened with VAT and they’ll do the job for less money, so he won’t get the subsidy.”
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