The Cyprus Land Development Corporation promotes a plan for the development of 697 housing units, according to its budget approved by the Parliament yesterday.

Of the housing plan, 405 units will be disposed within the framework of the “Housing Plan for the Lowly-Paid”.

On behalf of the Corporation, it was said that 179 houses have been delivered to the beneficiaries in 2009, 193 will be delivered in 2010 and 338 more in 2011.

According to the figures, more than 2,100 applications are still pending.

The House approved unanimously on Thursday the annual budget of the Corporation, which provides for total expenditure of €32.2 million and revenues of €30.7 million.

The expenditure concerns the financing of the construction works (€5m), the purchase of land and buildings (€12m) and the loan performing (€2.6m). Of this sum, €2.5m will be paid for returns concerning the “Housing Plan for the Lowly-Paid” and €0.1m for the payment of the installments of the government loans.

The administrative expenditure will reach €2.3 million.

The main revenues of CLDC stem from the advance payments, the installments and payments from the sale of houses and plots (€18.8m), the interests receivable (€1.6m) and the governmental loan for the financing of the housing plans for the lowly-paid (€10.3n).

Source:Stockwatch.com.cy