During a press conference last evening, Chairman of the Cyprus Land Development Organisation Michalis Michael outlined the organisation's plan for housing assistance to low-income families. Such families are those with an annual income not exceeding CYP 10,000, one parent families, families with a child with special needs or with a large number of children. The plan provides for a subsidy towards the price of a house or apartment of between CYP 4,500 and CYP 8,500 depending on income.

Initially, 200 units will be offered at low prices which will be followed by 16 units in Limassol the prices of which will range between CYP 21,000 to CYP 37,000 with long term loans offered for up to 25 years at a subsidised interest rate of between 3%-4%. A further 130 are planned for the Nicosia area. There is also provision for more favourable assistance to families with less than CYP 5,500 income per year.