The Tel Aviv City Council's Finances Committee had approved the creation of a NIS 12 million fund to help residents renovate buildings designated for preservation, reports www.mynet.co.il. Some NIS 6 million will be added to the fund every year to further preservation work in the city. According to the report, the fund will enable residents carrying out renovations through the municipal "Ezra U'bitzaron" construction company to borrow up to 90 percent of the funding for a period of six years at no interest. A company spokesman said some 1,600 buildings in the city had been listed for preservation, and that only about 5% had been renovated so far. The spokesman said priority for the loans would be given to about 190 buildings that were prohibited from having extensions built on to them. The report said the new fund would be added to the existing faÃ§ade renovation fund, which is already enabling the renovation of the facades of about 130 buildings a year, and would enable all residents to have help in renovating their buildings once every 10 years. "The final result is optimal for both sides - the city gains buildings that are well-maintained and have attractive facades, and the property owners gain a rise in their values," the spokesman said.