Free remediation program

Free remediation program  

    Establishing an Owners Association grants financial assistance under the free financing program, with no other rights and obligations for the owners. The association is formed after the convening of a constituent assembly by the owners, to which they agree to establish the association. The agreement should not forget to indicate the subject of activity and that it is indefinite. After the expiration of the warranty period for the completed construction works under the program, the agreement may be terminated by a decision of the General Assembly. Also within this period the owner may terminate his membership in the association. If there are several entrances in one block, all must apply together. When not all owners participate in the association, they must declare their agreement to participate in the renovation with a written organization. There must be 100% agreement from all neighbors on the renovation of the building. To participate in the program, the association must submit an application to the respective municipality. Upon receipt of the application, if the municipality gives a positive assessment, it shall notify the Owners Association in writing. If they are not approved, there is an opportunity to reapply. The municipality and the owners association conclude a contract which entitles the municipality to organize all renovation activities. The municipality then concludes a financing agreement with the Bulgarian Development Bank and the regional governor on behalf of the association.