The Ministries of Finance, Environment, Urban Development and Climate Change of Turkey are implementing the “Urban Transformation Financing Model”. The program aims to rapidly transform communities throughout the country. First of all, the changes will affect Istanbul.
The program will develop several different approaches to the reconstruction of residential buildings that are in urgent need of renovation. The model will be supported by the Turkish Credit Guarantee Fund.
Owners who have agreed with construction companies will be provided with loans on favorable terms for the market. With this model, urban renovation will take place without loss of homeowner rights.
Recall that after the earthquake in February this year, buildings are being checked in Turkey for compliance with safety standards.
