On April 5, President Shavkat Mirziyoyev chaired a government meeting via conference call on the construction of new housing and priorities of 2023 mortgage program.
According to the presidential press service, over the past three years, banks have provided 33 trillion soums of mortgage loans to 210,000 families. 73 thousand low-income families received subsidies in the amount of 1.3 trillion soums for the payment of the first installment and interest on the loan.
While, the program for the construction of 31 Yangi Uzbekiston (New Uzbekistan) quarters has been launched. Shavkat Mirziyoyev critically reviewed its progress and he underscored that thanks to the correct selection of land plots and the creation of infrastructure, good work is being done in Andijan and Khorezm, but in other provinces, the construction of massifs is stalling.
The President reprimanded the deputy governors for construction and the heads of provinceal branches of the Central Bank in Bukhara, Kashkadarya, Navoi, Namangan, Samarkand, Surkhandarya, Syrdarya, Fergana and Tashkent provinces. Responsible persons were instructed to resolve issues related to infrastructure, construction and sale of apartments.
In 2023, it is planned to increase the volume of housing construction by 1.5 times, on 90,000 housing units instead of 60,000 last year. The head of state stressed that this would give a great impetus to the growth of economic figures in each province. In this regard, new opportunities have been identified for the population and developers in four areas.
Firstly, in order to expand mortgage coverage, from May 1, it will be possible to obtain a loan for persons with insufficient official income. When determining their solvency, the turnover on their bank cards, the funds paid by them for rent, utilities and other expenses will also be taken into account.
Individuals who have paid a higher down payment will be able to get a cheaper loan from a bank. In order to accelerate the use of funds allocated for subsidies, the duration of the subsidy will be reduced from 12 months to 4 months. At the same time, citizens who have not used their certificate during these months will be given the right to re-apply for a subsidy.
The Ministry of Economy and Finance was instructed to finance mortgage loans worth 9 trillion soums (for 31,000 families) and subsidies worth 1.6 trillion soums to cover the down payment and interest.
Moreover, it is planned to allocate an additional $100 million and 1 trillion soums to provide resources for mortgage loans and increase the working capital of construction enterprises.
He instructed at the expense of banks to ensure the allocation of 5.7 trillion soums of mortgage loans to another 20,000 families, as well as 1.5 trillion soums for 10,000 residents to expand their private house or an extension.
Through a mortgage refinancing company, an additional 1.7 trillion soums of loans are expected to be allocated to the public for purchase of 5,500 houses.
The president pointed out that it is possible to additionally attract 10 trillion soums of resources by issuing mortgage bonds through the use of funds as an asset, which must be returned on a mortgage to the balance of banks. Responsible persons were instructed to submit a draft law “On mortgage bonds” within two months.
