Next Generation Funds and Homeowners’ Associations
As a consequence of the COVID-19 pandemic, the European Union has developed a recovery and resilience plan, better known as Next Generation EU Funds, with the aim of counteracting the adversities caused by the 2020 health crisis. The EU’s Next Generation Funds are the main support for urban rehabilitation and development at the moment. Therefore, many homeowners’ associations will benefit from this aid, since part of the funds will be used to improve energy saving in the residential sector.
In this article we explain what the Next Generation Funds are and their objectives.
Next Generation Funds and the National Integrated Energy and Climate Plan
The Government has included housing refurbishment as one of the objectives of its National Integrated Energy and Climate Plan (PNIEC) 2021-2030. Undoubtedly, boosting this activity will require a significant economic effort, which will be promoted through the Next Generation EU funds, materialized in a contribution of 1,631 million euros to the General State Budget this year.
The Urban Rehabilitation and Regeneration Plan will have a budget of 6,820 million euros up to 2023, which will be allocated to social housing and the rehabilitation of buildings and housing.
The European Union has earmarked 150,000 million euros for the project in Spain, of which 72,000 million euros will be non-refundable. Its objective is to boost employment and economic recovery, focusing on urban modernization and access to housing.
An opportunity for urban regeneration
This injection of capital will be a great opportunity for urban regeneration. Public Administrations and financial institutions are asked to collaborate in the financing of refurbishment projects, where energy efficiency plays a key role.
Homeowners’ associations will find an opportunity for renovation. They will have useful tools to refurbish the building and integrate innovations in terms of sustainability and digitalization. In fact, it is expected that the number of rehabilitated homes will reach 300,000 by the end of the decade.
It should be noted that the funds will be used exclusively to compensate for past damages resulting from the COVID-19 pandemic. Therefore, they will not be used to alleviate future damages.
Self-employed individuals, companies and corporations can apply for these funds, with prior preparation and presentation of the project. For further information, the Government has made available to the public a web site on the Recovery, Transformation and Resilience Plan.
How can we help you to obtain European Next Generation Funds?
OBN& can help homeowners’ associations to detect, apply for and process public subsidies. Our comprehensive consultancy service includes from the analysis of the project to the follow-up of the application and the management of its payment. If you need more information, please contact us.
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