What role does the NGO Nama play in financing the Athens restoration plan?

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The NGO Nama is financing the solidarity housing project by restoring a building in Athens.

The NGO Nama, established by pensioner Malamo Stergiou, plays a crucial role in financing the solidarity housing project aimed at addressing the housing insecurity faced by senior citizens in Greece. This initiative involves the restoration of a 1938 four-storey building in Athens, which will be transformed into fifteen independent apartments and communal spaces. The project seeks to provide an innovative living solution for the elderly, particularly in light of rising rents and declining social support systems.
Nama's Establishment and Purpose

Malamo Stergiou, a former telecoms employee, founded the NGO Nama specifically to secure the financial resources needed for the solidarity housing project. Her motivation stems from the growing insecurity among senior citizens in Greece, exacerbated by the country's prolonged financial crisis and increasing housing costs. Rents in Greece have seen a significant increase of 20 per cent since the country officially exited its crisis in 2018, making independent living increasingly challenging for many.
Project Scope and Location

The solidarity housing plan centres on the restoration of a four-storey building constructed in 1938, located in Athens. The owner of this building is offering it at a low rent, facilitating the project's feasibility. Upon completion, the restored building will accommodate fifteen independent apartments, alongside shared communal areas designed to foster a sense of community among residents.
Addressing Societal Challenges

The establishment of Nama and the solidarity housing project are direct responses to the societal shifts impacting the elderly in Greece. The financial crisis led many young Greeks to leave the country, weakening the traditional family support network that historically aided vulnerable members. This leaves many elderly individuals, especially those with fewer financial resources, without the expected familial assistance. The project aims to counter this by creating a supportive living environment.

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What role does the NGO Nama play in financing the Athens restoration plan?

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