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Armenian Government Announces Mortgage Assistance Program For First-

ARMENIAN GOVERNMENT ANNOUNCES MORTGAGE ASSISTANCE PROGRAM FOR FIRST-TIME HOME-BUYERS

Tert.am
14:32 ~U 29.01.10

Today, the Armenian government announced that it will begin a program
of securing affordable housing for young families. According to
Minister of Finance Tigran Davtyan, 3 billion AMD is been allocated
for the first stage of the program.

Funds will be distributed through banks, through the mortgage loans,
which the government will, to a certain extent, subsidize. According
to Davtyan, the mortgage loans will be given to first-time home-owners
at 8.9 to 9% for a 10-year term. Young families will require to make
a down-payment of at least 30% of the loan.

Armenian Prime Minister Tigran Sargsyan called this a very important
decision since it will allow thousands of new families to secure their
own homes. According to his calculations, families will be paying
130,000 AMD per month in mortgage payments – this, in a country
where the average salary (assuming one lives in the capital city)
is less than 100,000 AMD a month.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian: “I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS
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