The Parliamentary Finance Committee announced on Monday, March 1 thatKOAG's Affordable Housing program has increased the number of units for young couples to 800.
Thus, hundreds of affordable housing units will appear in Cyprus in the coming years, which should provide an excellent alternative to traditional rental options.
Presenting the Organization's budget to the Finance Committee, KOAG President Marios Pelekanos noted that “concrete developments have been made within the framework of a holistic housing policy and a holistic approach, and the Organization's current focus is more on the construction of affordable apartments”.
Pelekanos said the government is currently spending about €12 million on rental subsidies and said KOAG could offer solutions to this problem by providing housing to vulnerable households at lower rents.
In turn, the Deputy CEO of KOAG stressed that the Organization has launched a process to revise the current program to help more people find a roof over their heads.
Pelekanos also said that currently about 70% of KOAG tenants have problems with payments, so the organization decided to change their charging policy.
Whereas previously KOAG evicted tenants in the event of arrears, now the Agency is also tolerant towards low-income households and vulnerable groups, offering alternatives for maintaining a house. For example, last year KOAG wrote off debts to low-income households so that they can continue to live in housing.