Estonian govt gives extra EUR 3 mln to support renovation of apartment houses

Photo: Kredex

Estonia's Minister of Economy and Communications Juhan Parts signed amendments to an agreement with the Kredex foundation this week according to which the government is providing additionally three million euros for the arrangement under which apartment associations renovating their apartment house can get up to 35 percent of the necessary money as a grant.

Parts said it was vital to go on with the program as interest on the part of apartment associations was big, spokespeople for the Ministry of Economy and Communications said.

The additional three million euros is estimated to suffice to support the renovation of nearly 50 apartment houses if 20 of the houses qualify for support equaling 35 percent of total project cost and approximately 30 others for 25 percent or 15 percent.

The three million euros meant to enable to go on with the program is an additional investment on top of the funds allocated from the state budget earlier this year and comes as a follow-up transaction to a nearly 30-million-euro agreement signed with Luxembourg on the sale of carbon emission credits in 2010.

In the new, 2014-2020 budgetary period 102 million euros is planned to be provided to the program so that also those apartment associations which have not embarked on a renovation project yet could do it, the ministry said.