29.02.2024
The third call for applications for the Nicosia Student Accommodation Grant Scheme opened yesterday and will remain open until the available budget is exhausted.
During the first call for applications, a proposal for 13 student rooms was approved with a sponsorship value of €363,664, and during the second call for applications, two proposals for 50 student rooms were approved with a total sponsorship value of €2,272,554.
The grant scheme is included in the Cyprus Recovery and Resilience Plan 2021-2026 and is funded by the European Union Recovery and Resilience Facility. The total amount that will be allocated for the needs of the Plan is 15 million euros.
The purpose of the Plan is to provide financial assistance to individuals or entities, owners or tenants of buildings (with the signed consent of the owners) in the area covered by the Plan, for the repair/restoration of their properties, with the main purpose of converting them into student accommodation.
For the conversion of an existing building into student accommodation and for an extension that reaches up to 30% of the existing building, the sponsorship amount will be 75% of the eligible proposal costs. However, if the expansion area exceeds 30% of the existing building, the grant will be 50% of eligible costs.
