Moscow authorities to use building societies to provide social housing
2010-08-30
The Moscow authorities intend to facilitate the creation of building societies for people eligible to receive housing subsidies from the city council. The city’s capability to finance the social housing construction has been significantly reduced by the crisis, and even the financed projects are being implemented with delays.
To cope with the problem the city intends to involve individuals able to utilise personal funds for partial subsidising of housing purchases. The building societies consisting of such individuals will be granted land plots off auction; their members will receive social mortgage loans from the Moscow Mortgage Agency. The building of social housing will be supervised by a special public entity, and the housing will be sold to the members at cost. The city council anticipates that the building societies will build 4.1 million flats.
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