Some 70% of the money for renovation of buildings will be allocated by the State

“Some 70% of the funds needed for the renovation of residential buildings will be allocated by the State,” said Lilyana Pavlova, Minister of Regional Development and Public Works during the presentation of the Energy Efficiency Programme. According to her, the technical examinations, technical passports, the investigations for energy efficiency and the costs for project managers are being financed at 100% by the State. The costs for the engineering projects, the conformity assessments, the construction works, authors’ and construction supervisions, for putting the sites into operation, and those for obtaining authorization documents are being financed at 50%. Apartment owners should co-finance the projects with the remaining 50% of the reconstruction costs.

As of 1 July 2012, owners’ associations will be able to submit application forms in order to participate in the Energy Renovation of Bulgarian Homes project. Some BGN 50 mln are allocated for the project under the Operational Programme Regional Development (OPRD). Another BGN 13 mln will be invested in a fund for housing renovation under the OPRD as well. It will be managed by the Corporate Commercial Bank. Owners will be able to withdraw low-interest loans from the fund, in order to cover the costs for project implementations.

Pavlova explained further that the building renovation would reduce energy costs by more than 50%, would extend the housing lifetime and would increase their price. The Minister added that, currently, procedures for selection of project managers and contractors for construction and energy investigations were under way.

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