Novovolynsk condominium replaced roof of multifamily building with loan from EECU Revolving Fund for Cities
The Revolving Fund for Cities of the Association of Energy Efficient Cities of Ukraine (EECU RFC) helps communities participating in the programme to provide free financial assistance (interest-free loans) to homeowners to support thermal modernisation projects and implement individual energy efficiency and modernisation measures. Despite the fact that such loans have to be repaid, the revolving fund is popular among condominiums and housing cooperatives.
How the Novovolynsk condominium arranged the loan
At the end of August, following the decision of the Novovolynsk Tender Commission for the selection of borrowers of the EECU RFC funds, the Condominium ‘Peremohy 27 - NV’ received a repayable financial assistance to repair the roof of the building. The loan amount was UAH 99,567.00. The condominium agreed on a loan repayment schedule convenient for them - in equal monthly instalments of UAH 8,300. The condominiun undertook to repay all the borrowed funds by 23 August 2025.
In order to repay the loan, the co-owners increased the amount of monthly contributions by UAH 3 per 1 sq m. Previously, the residents paid UAH 5 per sq m, and now they pay UAH 8 per sq m. On average, the monthly contribution per apartment is about UAH 400. The condominium uses the funds collected to cover its current expenses and to repay the loan from the EECU RFC. The repayable financial assistance from the revolving fund is targeted, namely to repair the roof of the house.
"The whole house is very much grateful because we could not really afford it on our own! We've been paying back the money in instalments for two months now, and we're paying on time. The loan has helped us a lot, because we would not have raised this amount on our own - it's hard. And we haven't done the whole roof yet, because you know that prices are so high now. But still, we have removed the critical areas and covered most of the house. We left the ceiling that was still in good condition. I think, if there is an opportunity, next year, when we pay off the loan, we may be able to take out another loan to completely cover the parapets with tin," commented Yulia Makaruk, chairman of the condominium.
You can see the result of the work in the photos before/after the roof repair.
How EECU RFC works in Novovolynsk
The Novovolynsk territorial community has been a member of EECU since 2010, it joined the EECU RFC programme at the end of 2023. A special contribution of UAH 500 thousand was transferred from the local budget to the revolving fund.
In 2024, 7 condominiums in the community used the revolving financial assistance, receiving a total of almost UAH 624 thousand. The amount is higher than the UAH 500 thousand contributed, because the funds returned to the revolving fund are again provided to the next borrower. This turnover of funds allows new borrowers to use the one-time funds transferred to the EECU RFC again and again. As of the beginning of October, the sub-account of the Novovolynsk community in the RFC has again accumulated UAH 155 thousand, which can be used by the next applicants.