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Romanian Govt Cuts Subsidy For Residential Construction Through Mortgage Loans

Romania's Government has decided not to subsidize the construction of homes through mortgage loans, arguing that budget revenues are insufficient to continue support for this program, and will limit the benefit to applications already filed.
Romanian Govt Cuts Subsidy For Residential Construction Through Mortgage Loans
Mediafaxfoto - MediafaxRadu Bostan
15 nov. 2011, 19:25, English

The decision was made through an emergency ordinance.

The subsidy is equal to 30% of the building’s construction costs, but no more than the lei equivalent of EUR15,000 or the mortgage loan’s value.

The program is run through the local administration, with the subsidy provided by the Ministry of Development.

The ordinance also says the state has been so far unable to refund the local authorities for the subsidies they provided for residential construction.