Urban Authorities Unveil Municipal Aid Program for Young Families Seeking Apartments in New Buildings
City Hall of Yekaterinburg distributes 500 million rubles to needy families for housing purchases. However, this amount may fall short:
Yekaterinburg City Hall has put forward a municipal assistance program aimed at young families purchasing flats in newly constructed properties. Here's the lowdown: It won't be a handout for all, only those endorsed as financially stricken will get aid.
Program developers explain that families are splitting up or putting off having children due to unresolved housing issues. Over the next five years, the city council plans to distribute 575 million rubles - a sum derived from the local, regional, and federal budgets, as well as bank financing.
This cash can be used for the initial mortgage deposit on a new property, mortgage repayments, the final lump-sum payment, drafting a construction contract for building a private house, or covering the last down payment. The maximum grant scale - 40% of the property's worth, as per program guidelines.
"To obtain a subsidy, young families must contact the administration of the district they reside in. This initial step involves a follow-up review to ensure compliance with program requirements, and upon approval, their inclusion in the program as those in need of improved housing conditions," our site informed us via the city hall's press office.
Eligible claimants include:
- Young families deemed in need. To prove this, one must demonstrate that the current living space does not exceed 10 square meters per person (Ekaterinburg's established norm);
- Large young families;
- Youthful families who were officially registered for housing improvement before March 1, 2005;
- Families involved in the Single State Housing Inventory (SVO);
- If all spouses' ages are under 35 at the time of application;
- If the family has sufficient income to secure a mortgage.
The extent of this financial support won't impact reduced waiting lists for housing. Currently, there are 274 candidates on the list requiring housing improvements. In accordance with the program's conditions, the authorities will consider 60 families annually as needy. Only 14 families can make use of the funds every year (less than a quarter).
- It's worth mentioning that, in the past, city authorities in conditions of staff shortages have lured eligible drivers for city buses with mortgage incentives in "Gortrans."
- Recent drops in new construction sales in Russia over the past four months have reached 26%. In June, average mortgage interest rates hit 26.5% annually. These discouraging conditions led to an increase in buyers choosing installment payments, with 54% now opting for this method.
Enrichment Data:
The program typically targets young couples up to age 35 who have one or more children. Eligibility often includes residency or registration in the city, and the program usually offers subsidies covering a percentage of the cost of apartments in new construction developments or fixed monetary amounts to reduce the purchase price. Additional criteria may include income limits, priority for families with multiple children, or first-time homebuyers. Subsidy amounts vary but can range from tens to hundreds of thousands of rubles depending on family composition and apartment size. For accurate and up-to-date eligibility criteria and subsidy amounts specific to Yekaterinburg's municipal program for young families purchasing new-build apartments, it is recommended to consult official Yekaterinburg municipal government sources or their housing department.
- The urban aid program in Yekaterinburg, aimed at young families purchasing flats in newly constructed properties, can be used for various personal-finance expenses related to real-estate, such as the initial mortgage deposit, mortgage repayments, final lump-sum payment, drafting a construction contract for building a private house, or covering the last down payment.
- The program's eligibility criteria typically target young couples up to age 35 who have one or more children, with residency or registration in the city, and offers subsidies covering a percentage of the cost of apartments in new construction developments or fixed monetary amounts to reduce the purchase price.
- Despite this financial support, the authorities will only consider 60 families annually as needy under the program, meaning only 14 families can make use of the funds every year, potentially impacting the waiting lists for housing in Yekaterinburg.
