Filenews 11 November 2024
In view of the opening of applications for the Housing Scheme granting financial assistance to young people and/or young couples up to the age of 41 and the Renovate-Rent Scheme as of Friday, November 15, 2024, the Ministry of Interior has made substantial amendments to the two Schemes, in order to improve them. The changes aim to facilitate the participation of potential beneficiaries and simplify the application process.
Specifically, for the Housing Scheme granting financial assistance to young people and/or young couples, the change affects potential beneficiaries who will not have already acquired the residence at the time of submitting their application. It concerns the provision for the submission of a sales document to the Department of Lands and Surveys (DLS) at a later time of the submission of the application and not at the time of submission of the application for participation in the Scheme. Applicants may, instead of submitting the sale document upon submission of the application, provide a signed agreement to reserve the residence (between seller and buyer/applicant signed by both parties), which includes the estimated cost of acquisition (expenditure), along with other relevant technical data and characteristics of the residence, as described in Annex B of the Plan, in order to assess the eligibility of the residence on the basis of these data and to calculate the amount of financial support.
Provided that during the examination of the application by the relevant District Administration it is found that all other criteria and conditions of the Scheme are met, a letter of pre-approval will be sent to the interested / applicant for his positive evaluation, stating his obligation to secure a stamped sales document deposited in the DLS, within four months from the date of receipt of the said letter. Otherwise, the prior authorisation shall be cancelled and the application rejected, even if this is submitted at a later date.
As far as the Renovate-Rent Scheme is concerned, the amendment concerns the procedure for submitting the sponsorship for the renovation or upgrade works. In particular, the grant will be paid in two instalments instead of in a single instalment at the end of the works, as originally provided for in the Scheme. Eligible owners will be able to receive an interim payment of 40% of the amount upon completion of 50% of the renovation/upgrade works, provided that they provide a designer's certificate, documents/receipts and photographs.
