Applications open for Faroese rent subsidy

Applications are now open for a rent subsidy, Kringvarp Føroya reports. The application form is available on the website of Almannaverkið, the body administering the scheme.

Payment will begin no earlier than the month after Almannaverkið receives the application. The subsidy will be paid monthly in arrears into the applicant’s bank account.

The subsidy amounts to 20 per cent of the rent stated in the lease agreement, up to a maximum of 1,500 krónur per month.

For households with one person over the age of 18, the subsidy is reduced by 5 per cent of the income basis exceeding 350,000 krónur. For households with two or more people over 18, it is reduced by 5 per cent of the income basis exceeding 500,000 krónur.

If the subsidy falls below 300 krónur, it will no longer be paid. After every 12 months of receiving the subsidy, the household must provide documentation of its actual rent expenses during the previous year.