The government intends to boost the housing market through renovation of 300,000 residential units in distressed urban and suburban areas. According to the Urban Development and Revitalization Organization’s official website, the next fiscal budget (2016-17) will allocate 12 trillion rials ($400) for providing 50-million-rial loans for renovating each dilapidated residential unit. The plan is part of a support package for retrofitting underdeveloped regions.
