The Latvian real estate state Latvia will now include more tenants in its tenant facilitation program.
The initiative has been expanded to include more entrepreneurs, associations and foundations.
Parties that had been rejected can now reapply.
Latvian state property has now been allowed to expand the range of tenants supported under a recently adopted government program designed to cushion tenants for the difficult economic times following the current blocking measures.
Thanks to a change in the qualification requirements for the beneficiaries of the program, the Latvian Real Estate State (VNĪ) will now extend its initiative to exempt or reduce rents not only to business people but also to others who will help the economy recover, said Andris Vārna, a member of the board of directors of VNĪ.
The parties to benefit from the state relief will include foundations and associations, as well as individuals who have agreed on reasonable terms for the repayment of arrears of rent. According to Vārna, the additional changes have also included a decline in tenants’ income as a possible reason for rent exemption or reduction.
The support provided by VNĪ initially included opportunities for approximately 89 tenants for 111 rental agreements. Of the 89, 21 did not meet the criteria for an “entrepreneur, which reduced the number to 57 tenants”.
“Tenant support is currently a priority for VNĪ. We are working hard to provide all possible support to our tenants and partners who have got into difficulties due to the law. Thanks to the amendments adopted by the government, we are able to extend and balance the support for entrepreneurs, associations and foundations, as well as for other persons who carry out economic activities.
Renewed application for facilitation
“We also invite tenants who have not previously received support to review the updated requirements and contact us again,” said Vārna, as reported by the Baltic News Network.
VNĪ currently works with nearly 10,000 tenants, of which less than 10% are commercial companies. Other beneficiaries of the program include health centers, hotel and catering services, pharmacies and stores.
Following the spread of the coronavirus, VNĪ supports small and medium-sized enterprises in accordance with the directive issued by the Cabinet of Ministers last month. The support initiative started on March 12 and will be active until the law on measures to prevent and suppress the threat to the state and its consequences due to the spread of COVID-19 expires.
Eligible tenants are requested to send their applications to [e-mail protected]. For more information, see the website VNĪ and requirements of cabinet ministers.