The department of urban planning on Wednesday announced a second call for grant applications for the student housing scheme within the walled city of Nicosia.
The EU-funded plan is being promoted within the framework for the regeneration and revitalisation of city’s old town.
“The project in combination with other actions will breathe new life into the [city] centre,” the Nicosia municipality said.
The ministry of the interior detailed that the initiative provides financial assistance to natural or legal persons, owners, or tenants (with the signed consent of owners), to upgrade buildings in the specific area covered by the plan.
The funding covers costs of renovation or refurbishment of premises destined to be converted into student residences and rooms.
The goal of the project is the social and economic regeneration of the area, through attracting student residents and other related investments.
Additionally, it aims to contribute to the circular economy and sustainable development, as well as provide affordable rent-controlled housing for students, as determined by the ministry of finance.
In its announcement, the municipality stated that the project falls under the Cyprus recovery and resilience plan for the period 2021 – 2026 financed by the EU, with the total budget allocated for the second phase of the project amounting to €14.3 mln.
Each sponsorship is to cover 75 per cent of eligible costs, as well as expansion of up to 30 per cent beyond the existing building, for which the sponsorship will cover 50 per cent.
The scheme was announced on December 4 and the deadline for submitting applications, is Friday, December 29, 2023.
Applicants must meet specific criteria and conditions in order to be eligible, listed in detail here.
Submission is only done electronically through the “Ippodamos” system at the following link.