The Corporation

Formation and Responsibilities

The Organisation was founded pursuant to the Cyprus Land Development Law (N.42/80) and constitutes a body of the Public Service sector. It is under the authority of the Ministry of Interior and it is administered by its Board of Directors which consists of nine members. The term of service of its Board lasts for two and a half years.

In accordance with the Law and in order to promote its objectives, the Cyprus Land Development Organisation may expropriate land in order to separate plots or construct residences purporting to accommodate families with low or middle-income. The Organisation may further proceed to undertake any action deemed necessary for the promotion of the aforementioned objectives, such as designing projects, preparing offers, supervising work under progress as well as reserving funds through loans by Credit Institutions or by issuing securities.

The Organisation may manage any Governmental Housing Scheme which is assigned to it.

The activities and accounts of the Organisation are monitored by the Audit Office of the Republic.