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Mortgage housing will be built on attracted European loans in Chuvashia
Mortgage housing will be built on attracted European loans in Chuvashia (Russian autonomy in the Middle Volga region). On Thursday RIA Novosti hosted a presentation of the pilot investment-construction project of housing construction in Novocheboksarsk - a satellite city of Chuvashia's capital Cheboksary. Within the framework of this project, construction of two buildings for 525 families with the total area of 27,000 square meters is envisaged, said chairman of the Mortgage Market National Association Council Vladimir Ponomaryov. "The price of this housing for the so-called social mortgage has been approved at 11,200 rubles [$1 equals 29.22 rubles] per square meter. The market price may be a bit higher," said Mr. Ponomaryov. A relatively low cost of housing is conditioned by attracting a cheaper loan of a Hungarian bank compared to Russian banks' loans. The credit line worth 5 million euros is granted for 18 months to the Mortgage Corporation of Chuvashia under the guarantees of the Chuvash republic's government. "The cost of this loan is almost two times lower than similar credit lines of Russian commercial banks," said Mr. Ponomaryov. "The social meaning of the project lies in creating a market of affordable housing," he stressed. Mr. Ponomaryov is sure that realization of this project will lead to stabilization of the growth of prices for housing in Chuvashia. In his words, the total quota of the Hungarian bank's crediting mortgage housing construction in Russia is 100 million euros. Chuvashia will be given 20 million euros to these aims. In the near future, similar projects will start in other Russian regions - Mordovia, Tatarstan, Samara (Central Russia) and Orenburg (South Urals). Negotiations are underway on attracting investments under the construction of mortgage housing with a number of other European countries. "The total volume of the potential quota for four countries [Hungary, the Czech Republic, Slovakia and Poland] will reach some 400 million euros," said Mr. Ponomaryov. Leonid Chernyshov, the aide to the Russian industry and energy minister, noted that mortgage housing would be built by serial projects by Russian construction organizations with the use of domestic technologies. "As regards additional construction and finishing work in residential neighborhoods, foreign partners may be involved and higher-quality imported materials may be used," said Mr. Chernyshov. He noted that an increase of volumes of commissioned houses is a priority task of the industry and energy ministry.
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