Far Eastern mortgage enters a new term – Economics – Kommersant

The Far Eastern mortgage program at a rate of 2% will be extended until 2030, Vladimir Putin said, speaking at the WEF. Since the launch, 48,000 families have received mortgages, and developers are also focusing on maintaining support measures, the Ministry for the Development of the Far East noted. To solve the problem with the lack of housing, the construction of rental housing was also promised, the rental rate in this case will be subsidized from the budget.

Russian President Vladimir Putin, speaking at the plenary session of the WEF, announced the extension of the Far Eastern mortgage until 2030, now the program is designed until the end of 2024. “With the help of a loan at a rate of 2%, 48,000 families have already purchased new housing. This year, we expanded the Far Eastern mortgage program, now it can be received not only by young Far Eastern residents, but also by doctors and teachers, regardless of age,” he added. For young professionals, the construction of 10,000 rental apartments is also promised, the rental rate will be significantly lower than the market rate due to subsidies from the regional and federal budgets, and the location of housing should be linked to master plans for the development of cities in the Far East.

Earlier, at a meeting of the State Council, the head of the Ministry for the Development of the Far East, Alexei Chekunkov, noted that the program spurred the construction sector, its extension is also important for developers who “have just begun to turn towards the Far East.” Recall that the Far Eastern mortgage was launched in December 2019, it allows you to get a loan at a reduced rate for an apartment in a new building, a townhouse, a residential building with a land plot or for building a house in banks participating in the program.

Developers also receive preferences under the Far Eastern Quarter program, which allows them to allocate free land plots and build infrastructure. The companies, in turn, undertake to sell part of the apartments to the region at a social price and observe a single architectural style. The department expects to finance the construction of infrastructure through the Far Eastern concession (in which investors create infrastructure at their own expense, and the state pays for it for ten years or more), as well as infrastructure budget loans (see “Kommersant” of September 7). Under these programs, Vladimir Putin asked the government to determine target limits for the Far East and fix them in the budget for the next three years. In total, within the framework of concessions, eight projects worth 12.3 billion rubles were approved during the year, now project financing should be tied to master plans for cities in the Far Eastern Federal District.

Tatyana Edovina, Vladivostok