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Reviving Abandoned Homes in Trentino
Have you ever fantasized about owning a residence near ski slopes, vineyards, or hot springs?
Financial Support for Home Renovation
The northern Italian area called Trentino, also designated as the Autonomous Province of Trento, is offering financial assistance to Italian residents and expatriates for the refurbishment of numerous unoccupied properties in the region where the stunning Dolomites intersect with the Alps. This initiative includes a grant of €80,000 (roughly $87,000) earmarked for renovations and an additional €20,000 (approximately $22,000) towards the acquisition of real estate.
Requirements of the Grant
However, there is an important stipulation. To benefit from this program, new owners must occupy the residence for at least 10 years or lease it for that duration, or else they may be required to repay the grant.
Addressing Village Decline
The 33 towns selected for this initiative, pending final approval in the forthcoming weeks, are all facing significant decline, with vacant properties surpassing those that are occupied. This scheme represents the latest effort by Italian authorities to address the problem of shrinking populations in rural areas, supported by a 2024 national budget that established a €30 million ($32.5 million) fund for municipalities with populations under 5,000, which are grappling with economic and social issues due to depopulation.
Impact on Local Economies
Unlike regions in Southern Italy offering homes for merely a dollar, Trentino has set aside €10 million (about $11 million) over the next two years to encourage the purchase and renovation of existing homes, aiming to stimulate the local economy and construction sector.
Regulations on Property Ownership
The parameters involved include a maximum renovation cap of €200,000 (approximately $217,000), ensuring that new owners contribute at least €120,000 (about $130,000) from personal funds. While there’s no limit on the property purchase price, the €20,000 grant is intended to cover 35-40% of total costs. Furthermore, the initiative restricts individual ownership to three properties to prevent someone from monopolizing the area.
Final Considerations
Applications are limited to individuals under 45 who do not already live in the area, ensuring that the program addresses the refurbishment of neglected properties rather than assisting current homeowners. The selection of towns for this initiative is expected to be confirmed by April, with beautiful regions like Val di Non, where depopulation exceeds 11%, likely to be included. Potential towns also include Rabbi and Vermiglio, both set in visually striking areas.
The initial list of eligible towns may change depending on the level of interest in the housing program and the availability of suitable properties.
