ABOUT 500 YOUNG FAMILIES IN ARMENIA CAN OBTAIN APARTMENTS BY GOVERNMENT PROGRAM

ARKA
Feb 20, 2010

YEREVAN, February 20. /ARKA/. "About 500 young families in Armenia
can obtain apartments by government program "Available apartments
for young families", said Mher Yedigaryan, Executive Director of
Universal Credit Organization (UCO) "Apartments for the youth".

"Demand of participation in the program will be rather big. The number
of beneficiaries will be about 300 families as charter capital of our
UCO is 3 billion drams. But I am confident that not all beneficiaries
will take credits in maximum amount.

Due to it, their number can vary from 300 to 500", said Yedigaryan. On
January 20, 2010 the Government of Armenia approved the program
"Available apartments for young families". According to the
requirements of the program, young families where the age of couples
does not exceed 60 years and where each of them is not more than 35
years of age, as well as the age of single parent does not exceed 30
years of age can be considered beneficiaries. Maximum credit amount
is 16 million drams. UCO "Apartments for the youth" was registered and
awarded by the license of Armenian Central Bank on February 16, 2010.

The program "Available apartments for young families" consists of two
components and is aimed at the provision of mortgage loans to young
families for buying apartment by available prices.

"The first component of the program is funding of percent rates by
the government. Second component is provision of cheap resources
to credit organizations, on the account of which creditors can give
credits to young families by available prices", said Yedigaryan.

Beneficiaries should apply to the banks, pass preliminary qualification
and in accordance with the defined criteria they will receive mortgage
loans at low interest rates. After it UCO will re-fund the credits.

Credits will be provided to the families by percent rate of 10.5%,
from which 2% will be subsidized by the Government of Armenia.

Pre-payment size will be 30%.

Families wanting to get credit should follow certain conditions;
especially their monthly income should be not less than 300-350
thousand drams. This amount will include not only the income of the
family but also relatives assisting them. ($1 – 381.58 drams)