[ad_1]
As of September 6, when the one-month application period is coming to an end, KEDIPES has received more than 2,500 applications under the Rent Now Pay Later scheme.
The program is the state’s fourth initiative to secure primary residences for vulnerable borrowers (following the Housing, Housing and Affordability Equalization Agency Program) and appears to be on track to meet initial estimates of approximately 2,500 potential eligible borrower beneficiaries. The program begins on December 4, 2023.
In particular, according to data provided to KYPE by KEDIPES, the program’s implementing agency, 2,525 applications have been received so far and are being examined in different stages according to the program’s criteria.
As mentioned earlier, preliminary estimates indicate that about 1,700 of these applications were initially considered eligible, based on the borrower’s qualifications and loan obligations. According to the same information, a large number of applications have reached the final stage, but also the more “difficult” stage regarding the qualification of the property (technical evaluation and valuation). The first approvals have also been obtained and their ownership is being transferred to KEDIPES through the procedures of the Land Registry.
It is worth noting that the initial plan of the State and KEDIPES is to implement 800 applications, that is, to complete all stages of final approval, which is considered feasible based on the above data.
Meanwhile, several rejection letters have been issued and about 375 objections have been received as per the prescribed procedures.
It was recalled that the scheme was considered to be the most beneficial arrangement for securing housing for vulnerable households and preventing the auctioning of their primary residences once the ownership of their primary residences had been granted, the loans secured by the primary residences had been paid in full, and the rents had been paid by the State.
Under the program, residential owners will become tenants for a period of 14 years, or for life in the case of persons over 65 years of age. Tenants will have the right to buy back the home after the first 5 years and before the end of 14 years at a “particularly attractive price” that will take into account parameters such as price changes, expenses and rental payments. The buyback can be done by a beneficiary or first-degree relative. In the event of a buyback, ownership of the property remains with KEDIPES.
Finally, it is worth noting that the estimated financial cost of the project is calculated to be around 200 million euros.
Source: KYPE
[ad_2]
Source link
