Innovative and alternative financing models in urban transformation practices: TOKI example

In 2019, the Ministry of Environment and Urbanization declared the goal of "ensuring the transformation of 1,5 million out of 6,7 million homes that need to be transformed throughout the country within the scope of emergency / priority transformation within the next five years". Accordingly, the transformation of 300 thousand houses should be provided every year in our country. However, the Covid-19 pandemic, which has adversely affected our country since 2020, increases the risk of deepening the problem of financing in urban transformation, which has become more pronounced after 2018. As a matter of fact, in the surveys and interviews conducted within the scope of the thesis, it was confirmed that there is a blockage in the financing of urban transformation today and it was emphasized that this problem will increase even more with the Covid-19 pandemic. In addition, 29% of the institutions stated that they will not make urban transformation in the next five years due to financing reasons. In this direction, a model proposal including innovative and alternative financing models has been developed with the data obtained from the analysis of the financing of a total of 176 urban transformation projects with distinctive characteristics in our country and abroad, as well as conceptual and theoretical studies on financing models that are used in urban transformation and have potential to be used. The model proposal developed was tested on samples selected from TOKI's applications in Istanbul, one of the important actors of urban transformation.