Thousands of homeowners could soon receive subsidies for renovating or rebuilding their properties under an urban renewal plan approved by the Cabinet Nov. 25.
Beginning next year, the government will earmark NT$18.46 billion (US$599 million) for the remodeling of buildings at least 20 years old and the demolition and rebuilding of residences at least 30 years old, according to Yeh Shih-wen, director-general of the Construction and Planning Agency under the Ministry of the Interior.
The four-year initiative should benefit an estimated 20,000 individual homeowners eligible for low interest rates for consulting and construction costs, Yeh said.
Groups of apartment blocks applying together will be qualified for subsidies of up to 45 percent, or NT$15 million, of design and building expenses, he added.
“As most properties constructed 30 years ago are not earthquake resistant and could be vulnerable to extreme weather, this program will not only beautify the urban landscape but also improve building safety,” Yeh noted.
According to the official, to further encourage homeowners to take the plunge, the initiative will also allow owners of 30-year-old properties to keep their original floor area ratios unchanged in their reconstruction.
If homeowners adopt green building materials and techniques for their houses, they will be awarded with up to 20 percent additional floor area, he said.
“As construction drives other industries, implementation of the plan is expected to create NT$200 billion in production, contributing 0.12 percentage points to the gross domestic product and creating 40,000 jobs each year.”
According to government statistics, there are 4.72 million buildings at least 20 years old, including 3.02 million 30 years and older. The program will take effect as soon as the Legislature passes the related budget plan next year.
