Monday, May 3 2010 17:32

State program on providing young families with affordable housing is not effective yet


ArmInfo. The state program on providing young families of Armenia with affordable housing is stuck.

To recall, in February 2010 the Central Bank of Armenia registered the "Affordable Housing for Young Families" UCO on the basis of a bill on the state target program on providing young families with affordable housing. The program is socially oriented and it was approved by the Armenian government on 29 January 2010.

Eduard Oremyan, Executive Director of the Association of Mortgage Market Participants of Armenia, told ArmInfo that by 1 April 2010 the "Affordable Housing for Young Families" UCO refinanced loans worth a total of 31 mln AMD. To reveal the reasons of the program passivity, intensive research is currently being held, including public opinion polls among the population and credit organizations. "I think, the cornerstone reason of the program passivity is the 10-year period of loan redemption, while the redemption period within the National Mortgage Company's refinancing is 20 years",- he stressed and added that despite the preferential interest rate, the monthly load of the loan redemption amount is doubled due to the period of redemption.

Moreover, the expert thinks that the 30% prepayment also hinders the program activity, as the program is meant for mostly regional borrowers, whose family budgets yield to those of Yerevan residents. "I believe, the given program should be revised to serve its key idea of being socially oriented",- said Oremyan.

To note, mortgage specialists have repeatedly expressed their skeptical attitude towards the given program due to its inadequate terms of crediting.
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