Russia to encourage mortgage, housing construction

MOSCOW, January 29 (Itar-Tass) -- The Russian government plans to
appropriate up to 40 billion rubles to encourage mortgage credits and
housing construction and the issue will be discussed on Friday.
Deputy Finance Minister Alexei Savatyugin will deliver the report and
offer to appropriate up to 40 billion rubles to the Mortgage Crediting
Agency to buy out mortgage deeds from banks and promote credits to
developers and customers.
"The funds from the National Welfare Fund placed on VEB deposits will
be provided to the Mortgage Crediting Agency as loans at 9.5 percent rate
for a period of up to June 1, 2015," a government source said.
"To balance credit terms and money flows on VEB mortgage deeds the
lawbill proposes to extend the submission time to the Agency to June 1,
2020," the source said.
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