Faroe Islands rent support applications to open soon

Applications for rent support will open soon, with forms available on the Almannaverkið website from September 1, KVF reports. Payment can begin no earlier than the month after Almannaverkið receives an application.

The support amounts to 20 per cent of the rent specified in the tenancy agreement, up to a maximum of 1,500 kr per month.

For households with one person over the age of 18, the support is reduced by five per cent of the income basis above 350,000 kr. For households with two or more people over 18, it is reduced by five per cent of the income basis above 500,000 kr. If the support falls below 300 kr, it is discontinued.

The support is paid monthly in arrears into the applicant’s account. Every 12 months that a household receives rent support, it must document its actual rent expenses for the previous year.