Reconstruction of blocks of flats built before 1999 to be launched

“The reconstruction of blocks of flats designed up to April 26, 1999 has been launched in 36 towns in the country. Some 50% of the money will be granted under Operational Programme Regional Development. The owners of the residential properties have to provide the remaining 50%,” said Sevda Strahilova, Manager at the Corporate Commercial Bank (CCB). Residential estate in Sofia, in the 28 regional cities, and in the towns of Gotse Delchev, Dupnitsa, Karlovo, Kazanlak, Lom, Panagyurishte, Petrich, Svishtov have been included in the renovation programme.

The grant, which will finance the reconstruction of the blocks amounts to BGN 50 mln and is being managed by the Ministry of Regional Development and Public Works. The project duration is 3 years - from 2012 to 2015.

A total of BGN 9,527,284 mln have been earmarked for the extension of loans and loan guarantees to people willing to renovate their homes. The funds will be managed by CCB. Besides this amount, the bank has provided its own resource of BGN 1 mln.

“CCB will act as a "Fund for housing renovation,” stated officials from the Ministry of Regional Development and Public Works. The financial institution won the competition announced by the Government. The bank will receive for its services some 2% of the funds allocated. "This is a new approach for Bulgaria. We managed to organise our own resources in order to prepare products that we believe are attractive and efficient for the final borrowers - every Bulgarian citizen," said Georgi Hristov, Executive Director and member of the Management Board of CCB, at the presentation.

In order for a building to be included in the renovation programme, 75% of the people living in it have to participate in the reconstruction. The procedure, however, cannot be launched without the consent of 100% of the owners.

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