[PIO] Statements by the Minister of Interior Mr.Konstantinos Ioannou on the amendment of the housing incentives for the production of affordable

Great interest is being shown by developers and land development professionals in utilizing the special housing incentives to produce affordable housing for sale and rent, Interior Minister Constantine Ioannou said today. Mr. Ioannou, speaking after the Cabinet meeting, noted that, following the announcement of the housing measures in October 2023, there has been ongoing communication and dialogue with construction professionals with the aim of improving the Plans. Minister, the input and views of land development professionals were taken into account and it was decided to amend and broaden the criteria to make the planning incentives and the Built to Rent Scheme more attractive to the private and wider public sector for the production of affordable housing. The Cabinet has today approved a number of amendments relating to:

1. In the first category, the net floor area requirement has been reduced from 4,000 to 2,000 sq m.
2. Inclusion of additional Categories and Residential Zones.
3. In the second category, the requirement has been reduced from 1,000 sq. ft. to 800 sq. ft.
4. Modify the mixing percentage of residential unit types of the entire development and align with the provisions of the current Development Plan
5. Modify the Buildable Floor Area Ratio of the Stimulus to benefit the property under development from 20% to 25% and to benefit Affordable Housing production from 25% to 20%.
6. Allowing the Planning Authority in its discretion to permit the acquisition of visitor parking spaces provided that at least one functional parking space is secured for each residential unit within the parcel under development.
7. To allow the Planning Authority at its discretion to permit slight deviations from the anticipated Buildable Area resulting from the use of the Motion for affordable housing purposes, for purposes of rational development design.
8. Designate the Director of the Department of Planning and Zoning as the Planning Authority responsible for reviewing planning applications for developments utilizing the Incentive.

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