Nearly 500 apply for rent subsidy ahead of first payment

Nearly 500 people have applied for rent support ahead of the first payment, Kringvarp Føroya (KVF) reports. The amount of the initial payout is not yet known because Almannaverkið, the agency handling applications, has not processed them all.

The subsidy is paid monthly in arrears into applicants’ bank accounts. It covers 20 per cent of the rent set out in the rental agreement, up to a maximum of 1,500 kroner a month.

For households with one person over 18, the subsidy is reduced by five per cent of the income base above 350,000 kroner. For households with two or more people over 18, the reduction applies to income above 500,000 kroner. No subsidy is paid if the amount is less than 300 kroner.

The scheme is estimated to cost six million kroner for the three months it will be paid this year.