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Affordable Housing For Young Families Program To Offer Better Condit

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  • Affordable Housing For Young Families Program To Offer Better Condit

    AFFORDABLE HOUSING FOR YOUNG FAMILIES PROGRAM TO OFFER BETTER CONDITIONS

    PanARMENIAN.Net
    May 17, 2010 - 14:10 AMT 09:10 GMT

    Armenian Deputy Minister of Sport and Youth Affairs Arsen Karamyan
    said that the Affordable Housing for Young Families program will
    offer better conditions within a month.

    Specifically, they will refer to age restrictions, initial payment
    and loan terms, Mr. Karamyan told a press conference in Yerevan.

    "The program has faced some problems in practice, and the Armenian
    government voiced willingness to amend it to make it more flexible
    and affordable," he said.

    According to the Deputy Minister, the changes will make the mortgage
    loan more affordable; however, the state cannot imperatively make
    various suggestions at the real estate and financial markets, as it
    would be an incorrect step under market economy. "But one should
    understand that we deal with vulnerable groups of population, and
    the state should secure some assistance to them," said Karamyan,
    adding that this is also a task of demographic security.

    Besides, from August-September, programs on social construction will
    kick off in Syunik and Tavush regions of Armenia under the government's
    concept on equal development of the country's regions.

    These programs aim to provide young families with the opportunity to
    purchase dwelling.

    "I consider social construction in regions to be of keen importance,
    as such projects have not been implemented in the regions since
    Armenia regained independence, except for the 1988 earthquake zone,"
    the Deputy Minister said.

    20 young families received apartments under the Affordable Housing
    to Young Families program as of today, while 60 applications are
    currently being considered by banks.

    The Affordable Housing for Young Families program was approved by
    the January 29, 2010, sitting of the RA government. All the families
    wishing to get a loan should meet certain requirements: family's gross
    income should amount to approximately AMD 300-350 thousand, including
    incomes of all family members. Besides, the "young family" definition
    means family, where the spouses' cumulative age doesn't exceed 60 and
    none of the spouses is over 35. The definition also covers families,
    where the age of the only parent does not exceed 30. The maximum amount
    of loan under the program totals AMD 16mln with 15-year payment term.

    From: Emil Lazarian | Ararat NewsPress
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