1650 ARMENIAN YOUNG FAMILIES APPLIED FOR AVAILABLE ACCOMMODATIONS

PanARMENIAN.Net
23.02.2010 16:21 GMT+04:00

/PanARMENIAN.Net/ During a press conference held on February 23,
Arsen Karamanyan", RA Deputy Minister of Sport and Youth Policy said ,
"The government’s target program "Accommodation available to young
people", which implies provision of mortgages to young families,
will start in March 2010"

According to him, the program beneficiaries will be young families,
where the gross income amounts to approximately AMD 300-400 thousand,
including the incomes of all family members, as well as families,
where the spouses’ cumulative age doesn’t exceed 60 and none of the
spouses is over 35. The families, where the age of the only parent
does not exceed 30 are also included.

Arsen Karamanyan believes that the approved government’s program
will contribute to the demographic growth in Armenia. "A program,
which will make it possible to decrease the mortgage rates and to
partially subsidize the mortgage payment of the young families having
2 and more children, may be elaborated," he added.

The deputy minister mentioned that 1650 young families have already
submitted applications for the purchase of available accommodations.

1100 families out of 1650 aim to buy apartments in Yerevan and 550 –
in regions. According to experts, about 500 young families are able
to pay the mortgage, including 300 residing in Yerevan.

The young families will be given the mortgages at concessionary terms:
the credits will be given with 10.5-11% per annum, including subsidized
2%, while the market rates come to 14-15%. Thus, the mortgage rate will
come to 8,5-9% per annum. Maturity period is minimum 10 years. The
cost for apartment, bought within the framework of the program,
should not exceed AMD 16 million.

The deputy minister mentioned that with the framework of the program,
a mortgage agreement has been concluded Armbusinessbank and Ararat
bank and within the nearest days, 8-10 more banks will be included
in the list.

"We’ll do our utmost to disappoint the opponents of the government’s
program," he said. A hot line will be operating for cases of possible
corruption, so that the RA Ministry of Sports and Youth policy will
be able to take proper steps to eliminate them," he said.