Romania To Guarantee Loans Contracted By Homeowners For Building Façade Repairs

• English

  • S&P Affirms Romania Ratings At 'BB+'; Outlook Stable 19:54
  • U.S. Department Of State: Romania Has Problems With Corruption, Biased Judiciary 18:17
  • Romania January-April Budget Gap Widens To RON5B 17:56
  • Expo Center Romexpo Appeals Court Decision Upholding Insolvency Claim 16:34
  • Romanians Pay Twice As Much For Electricity As Finns, French 15:42

The new provisions were not included in the bill on the rehabilitation of buildings presented by the ministry in November 2010.

A minimum 10% of the sum needed to carry out building repair work will be ensured by homeowners from their own resources and the remainder through loans guaranteed by the state through the National Fund Guaranteeing Loans for Small and Medium Enterprises, reads the document.

Loans must be paid back in five years and interest will be subsidized with funds from the state budget.

The draft law sets the building façade rehabilitation obligations to be observed by local public administration authorities and homeowners.

Owners will have twelve months to carry out the "intervention work" from the moment they receive a notice from local authorities. The deadline can be extended by at most six months.

Local authorities will be able to use their own budgets to rehabilitate apartment buildings and then get their money back from homeowners, if the latter fail or refuse to carry out repair works.

If local authorities do not inventory the buildings that need to be rehabilitated or do not draw up intervention norms might be fined 8,000 lei (EUR1=RON4.2496) to RON15,000. Homeowners who do not contract building rehabilitation services will be fined RON5,000 to RON8,000.