90 apartment buildings have applied for renovation grant from KredEx
As of the end of April, KredEx has received 90 applications in total amount of nearly 1.9 million Euros. 77 positive decisions have been made in the amount of over 1.6 million Euros, of which a grant of 35% has been decided to issue to four apartment associations. Eleven buildings have received a decision of a 25% grant and the rest of decisions were made for issuing a grant of 15%. The first recipient of the grant of 35%, an apartment building in Elva, has finished work by now, and the grant payment has been made.
According to Mirja Adler, head of the Housing Division of KredEx, the activity of applicants has increased in spring, and especially the number of applicants for grants of 25% and 35%, which means that during winter, decisions of renovation project have been processed and documents gathered, and now it is possible to start the integrated renovation of buildings.
“It is very positive that apartment associations realize the need for integrated renovation more and more, both from constructional-technical and the financial point of view,” Adler added.
“In the next weeks we are expecting an increase in the number of grant applications, as now it is exactly the right time to fix an apartment building so that the new heating period would begin with lower heating costs, healthier internal climate and improved living conditions in an apartment building,” Mirja Adler said.
Renovation grant of up to 35% may be applied for from KredEx, which is first of all meant to accompany the renovation loan of KredEx (issued by Swedbank and SEB Bank) to decrease the required share of self-financing, but the grant may also be combined with own funds. Funds obtained from sale of unused pollution quotas of the Republic of Estonia to Luxembourg are used to support apartment buildings.
The grant limits are 15%, 25% and 35% of the total project cost depending on the level of integration in reconstruction of apartment buildings. Only the eligible costs for work performed from the submission of grant application and approved until November 11th, 2012 are supported.
An apartment building applying for the renovation loan of KredEx may submit an application to Swedbank or SEB Bank. Apartment buildings using only own funds for renovation, or apartment buildings not belonging to the target group of renovation loan of apartment buildings by KredEx and are using other renovation loan from a bank, may submit a grant application with additional documents to KredEx.
