Are any subsidies granted by the Flemish Community?

The PCSW or the non-profit organisation that had a project of service flats constructed with the Company within the investment programme of 2000 serrvice flats (initial portfolio), receives therefore from the Flemish Community a subsidy of € 961.83 per flat and per year, and this during 18 years as from the first quarter of the year following the final recognition of the service flats (this subsidy is included in the General Agreement between the Company and the Flemish Government pursuant to the subsidy decision of 3 May 1995 and amended and completed by the subsidy decision of 30 November 2001). For leasing agreements concluded as from 1 January 2007, the initiators will receive an annual subsidy of € 1,140.43 for a period of 18 years. (Decision in principle of the Flemish Government of 14 March 2008, laid down in the addendum to the aforementioned General Agreement signed on 22 July 2008).

To date, after the realisation of 2,000 flats, the Flemish Government has not promised any further subsidies.