Homeowners Fund

Of the revenue generated by the renovated properties, 15% will be channelled into a Homeowners Fund and used for repair and upkeep of common areas, such as roofs, facades and back alleys; and social projects, including the renovation of properties of people who cannot afford it and/or do not have the option to temporarily move out. As members of the related Home Owners Association, home owners will discuss and decide on the type of social projects that enhance the quality and use of public spaces in downtown neighbourhoods. The Fund will be open to monetary or in-kind co-financing by philanthropists and institutional donors.