The scheme of incentives for the retrofitting of existing building/s or for the construction of new building/s with the aim of creating student accommodation in the inner city of Nicosia is implemented under the Cyprus Recovery and Resilience Plan (RRP) for the period 2021-2026 funded by the Recovery and Resilience Facility (RRF) of the European Union (EU), the largest component of the Next Generation EU. The Scheme might be also benefit by Governmental funding. The Scheme is implemented within the framework of the component C3.4I6 for the “Regeneration and Revitalisation of Nicosia Inner City”. The total budget of the scheme is 15 million Euro. This 1st Call for Proposals has 6 months duration and 7,5 million Euro budget.

The funding will be provided to successful applicants in the form of non-repayable grants for reimbursement of eligible expenses, upon works completion. The funding will be provided upon the signature of an Agreement. In line with the Agreement signed the beneficiary will be obliged, within 8 years of the completion of the works for the creation of students’ accommodation, to be providing minimum 60-80% of the total square meters of the building to students for below the market price rent prices defined by the Ministry of Economics.

The grant (grant level) for retrofitting existing building/s will be up to 75% of the eligible expenses of each Proposal.

It is obligatory that the implementation of each Investment Project within the framework of this Scheme is to be initiated within 3 months from the signature of the Agreement between the Department of Town Planning and Housing (DTPH) and the beneficiary. In the case of not meeting this term the Agreement will be cancelled.  Furthermore, each Investment project within the framework of this Scheme is to be completed within 20 months of the initiation of the construction works, with possibility of 6 months extension in the case that justifiable reasons of delay arise, and a relevant request is submitted to the DTPH for approval in a timely manner. It is noted that eligible expenses should be certified for completion within the timeline defined by the Agreement between the DTPH and beneficiary. Any amendments to the approved expenses should be justified and requested in writing by the beneficiary and depend on approval by the DTPH.

Eligible categories for approved expenses, further than construction works, are also electrical, drainage, and mechanical installations, immovable equipment, as well as related services related to the construction works, as architectural, civil engineering, and other services by consultants registered at the Scientific Technical Chamber of Cyprus (quantity surveying, electrical and mechanical studies, etc). The total percentage of the fee for design services (cumulative) should not exceed 10% of the total budget of the Proposal.