Funchal to contract €14.6M loans for urban rehabilitation

By TPN/Lusa, in World · 10-09-2019 12:41:00 · 0 Comments

Funchal City Council has approved contracting two bank loans, totalling €14.6 million, for work on social housing and other infrastructure, and established a new urban rehabilitation area (ARU).

The new ARU, in the João Gomes riverside area, is the third urban rehabilitation area, after the historic centre area, in downtown Funchal, and the ARU in Monte, a parish in the high areas of the council, explained the mayor, Miguel Gouveia, after a meeting of the city council executive.

In the municipal master plan of territorial planning, other ARU in the pipeline include the parishes of São Roque and Imaculado Coração de Maria and also Lazareto, a historic area in the east of Funchal.

The ARU provides a set of benefits and incentives for the rehabilitation of degraded or vacant buildings or abandoned industrial areas by owners.

The mayor stressed that the aid is levied on municipal taxes and fees, such as the Municipal Property Tax (IMI) and the Municipal Property Transfer Tax (IMT), also guaranteeing a reduction in Value Added Tax (VAT) and deductions in Personal Income Tax (IRS).

"And, above all, it allows owners to access financial instruments that offer interest rates close to zero," he said.


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