New funding plan launched to revamp old town buildings

The revamp of rundown buildings in the historic centres of towns in the Algarve and throughout Portugal is due to become easier following the launch of a new state financing plan known as IFRRU.

The goal is to encourage owners to renovate their buildings by offering loans with “more favourable conditions than those available on the market”.

Anyone can apply for funding, including private owners as well as collective bodies like condominiums and non-profit organisations.

Portimão council has released a statement describing how property owners are eligible for funding in the borough.

It also explains that the request for funding “is simple” and can be completed in three steps. First, the interested party should request a report from the council about the property’s location. A qualified expert should then be contacted to come up with the “best solution to improve the building’s energetic efficiency”.

Lastly, the loan should be requested from one of the four banks that have partnered with the state to offer the funding: Santander Totta, BPI, Millennium BCP and Banco Popular Portugal.

A list with information to find out more about the programme has been posted online.