The Tel Aviv-Jaffa city council finance committee has approved the establishment of a NIS 12 million fund to help the owners of historic buildings finance the cost of renovations. Municipal company Ezra and Bazron Housing Ltd. will manage the fund. The municipal treasury will finance the fund, which will receive an additional NIS 6 million a year.
Ezra and Bazron CEO Eli Ginzburg said, "There are 1,600 buildings in Tel Aviv-Jaffa that are slated for preservation, of which 1,000 are located included in the city preservation plan. Only a relatively small number of buildings slated for preservation have been renovated, about 5%. This fund will finance up to 90% of the renovation cost, with six-year interest-free loans."
Tel Aviv has three categories of buildings slated for preservation. The special buildings category includes buildings with unique styles, such as the Templar's neighborhood, buildings built before 1920 in Neve Tzedek and Ahuzat Bait, Art-Deco style buildings, religious buildings, water towers, irrigation reservoirs, and wells. The second category of buildings belongs to the eclectic style built in 1921-31, and the third category of buildings belongs to the International Style (Bauhaus), built in 1931-60.
Published by Globes [online], Israel business news - www.globes-online.com - on April 26, 2009
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