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20 / 12 / 11 - Tax Benefit on Rental Income from Housing Authority

Housing Authority will be launching a call for applications for property owners who wished to lease apartments or houses to the authority. Property owners will benefit from reduced tax rates, of five per cent, on their guaranteed rental income and will enter into a contract with the authority for a minimum of 10 years.

New rental scheme launched yesterday, 19th December 2011 to lease private property to the Housing Authority. The property owners will be able to lease apartments or houses to the Housing Authority that will then rent them out to tenants at subsidised rates. The property must be finished, have all necessary planning permits and be up to standard. An independent board will evaluate property to ensure it reaches standards and to determine how much the authority will pay, in commercial rates, depending on the location and size. The authority will then sublease the property at a subsidised rate and will take the responsibility of the property once leased.

Family Minister Dolores Cristina said that the scheme aims to provide homes for the 500 families on the priority waiting list of the authority. These priority cases include people who need to move to larger homes, people living in shelters such as domestic violence victims and former prison inmates.