Putin instructed to expand the Far East mortgage to the Arctic until November

Russian President Vladimir Putin instructed the government to expand the preferential Far Eastern mortgage program at 2% to the regions of the Arctic zone. List of instructions following the results of the July meeting on the development of closed administrative-territorial entities and cities in the Arctic, published on the Kremlin website.

“Introduce changes to the terms of the Far Eastern Mortgage program that provide for subsidizing an interest rate of up to 2% per annum on mortgage housing loans (loans) for the purpose of acquiring by young families in the period up to January 1, 2030 in the primary housing market in the constituent entities of the Russian Federation, territories or parts of the territories of which are assigned to the land territories of the Arctic zone, ”the message says.

Prime Minister Mikhail Mishustin has been appointed responsible for the implementation of the order, the deadline is November 1.

About the idea of ​​the authorities to extend the preferential Far Eastern mortgage to the Arctic zone became known in May of this year. At the July meeting, which resulted in the publication of a list of instructions, Putin supported introduction of “Arctic mortgage”. “I think that such a measure can become a serious support for citizens living in the Arctic zone,” he said then.

Alexei Chekunkov, Minister for the Development of the Far East and the Arctic, noted at the meeting that thanks to the implementation of the preferential mortgage program in the Far Eastern regions, the volume of housing commissioned in the Far Eastern Federal District has doubled over 3.5 years, to 4.5 million square meters. m. In total, 74,000 families took advantage of preferential mortgages.

The Arctic zone includes the Murmansk Region, the Nenets, Chukotka and Yamalo-Nenets Autonomous Okrugs, the Republics of Karelia, Komi, Yakutia, the Krasnoyarsk Territory and the Arkhangelsk Region. At the same time, the Far East mortgage is already in operation in Yakutia and Chukotka.

The Far Eastern Mortgage program was launched in Russia in 2019. The main goal is to improve housing conditions in the Far Eastern Federal District and develop the local construction market. In December 2022, the program with a preferential rate of 2% was extended until the end of 2030.