Blocks of flats to be renovated in HUF 500 bn scheme

Budapest, December 11 (MTI) – A 500 billion forint scheme to upgrade high-density housing starting in February will tap revenue from the sale of carbon credits and EU funds, a government official has said.

These sources will make up a third of the total. Talks are underway on the remaining two thirds, but they will include local council support and credit from the Hungarian Development Bank (MFB).

National Development Minister Zsuzsanna Nemeth told public television on Tuesday co-financing with a 40 billion forint credit line from the MFB would be needed and the state would likely have to provide a subsidy to local councils. It will be up to the municipalities to decide on whether or not to participate, she added.

Fully 320,000 of the 700,000 units were renovated under two previous programmes. The remaining 380,000 are expected to be renovated under the third programme by 2020, she said.

Photo: helikon7.wordpress.com

Source: http://hungarymatters.hu/