Starting January, the Greek government will launch three new initiatives to tackle the ongoing housing crisis, with end goal to aid approximately 20,000 individuals and couples under 50 years old secure housing under favorable terms, provided they meet specific income and property criteria. Additionally, 10,000 property owners will receive subsidies for renovating vacant homes, provided they commit to renting them out for at least three years. Around 20,000 households will also have access to interest-free loans for energy upgrades on their properties.

My Home 2

The updated My Home 2 initiative expands eligibility, accommodating those who meet either 2023 income criteria or average criteria over three years. This ensures households with slight income increases remain eligible, aligning with the program’s goal to support vulnerable groups. Key changes include:

• Age and Loan Limits: Eligibility extends to those up to 50 years old. Purchase contracts can reach €250,000, with loans capped at €190,000.
• Income Limits: For singles, the income limit is €20,000; for couples, €28,000, plus €4,000 per child. Single-parent families can earn €31,000, plus €5,000 for each additional child.
• Zero-Interest Loans: Half of the loan amount will be interest-free, funded by the Recovery Fund, while the rest carries bank interest. For families with three or more children, the zero-interest portion rises to 75%.
• Extended Pre-Approval Validity: Loan pre-approvals will remain valid until resources are depleted, eliminating short expiration periods.
• Simplified Process: The requirement for appeals has been removed, and applicants will have ample time to finalize purchase agreements. Spaces like storage rooms and parking spots will no longer count towards the 150 m² property size limit.

Renovate to Rent

This program incentivizes the renovation of vacant properties with a 60% subsidy on costs, capped at €13,500. Half of the subsidy can be provided upfront. Eligible properties must be:

• Located in residential zones and up to 100 m².
• Owned or co-owned (minimum 50%) by individuals with an annual taxable income up to €40,000 and assets valued below €300,000.

Renovations must be completed within six months, and properties must be leased long-term for at least three years. Failure to meet rental requirements will result in penalties, including repayment of subsidies.

Upgrade My Home

Launching in January 2025, this program supports energy efficiency improvements for homes, offering interest-free loans without age or income restrictions. Key features include:

• Funding: A €400 million budget from the Recovery Fund and banks is expected to benefit 20,000 citizens.
• Eligible Upgrades: Includes thermal insulation, green roofs, window replacements, solar water heaters, photovoltaic systems, and heating/cooling systems.
• Loan Terms: Loans up to €25,000 with a maximum repayment period of seven years will be completely interest-free.

This program promotes energy efficiency while providing financial relief to citizens. Additional details and guidelines will be announced ahead of the platform’s January 2025 launch.

image credit: www.freepik.com