Tatarstan Prime Minister Aleksey Pesoshin takes part in a meeting of the Council under the Presidential Plenipotentiary Envoy to Volga Federal District on housing

On March 23, Prime Minister of the republic Aleksey Pesoshin arrived on a working visit to Nizhniy Novgorod to take part in a meeting of the Council under the Presidential Plenipotentiary Envoy to Volga Federal District chaired by Mikhail Babich on the development of housing construction market.

According to Minister of Construction, Housing and Utilities of the Russian Federation Mikhail Men, the total amount of standard housing commissioned in Volga Federal District has increased by 23 per cent in 2017. Men called the former year quite successful for the housing industry.

Speaking about the situation in mortgage lending, the Head of the Russian Ministry noted a steady increasing of volumes of housing loans and the number of mortgage loans issued in the district for 2017, as well as in the whole country.

The rate of mortgage loans issued in the Volga Federal District in 2017 decreased by almost 2 per cent as compared to 2016 and amounted to 10.6 per cent.

He added that the Government of Russia launched a subsidy programme for mortgage lending for the purchase of housing under construction and refinancing of the current mortgage loans at a reduced rate of 6 per cent for families with children. According to the minister, the subsidy programme will be one of the most significant measures to support families in which the second or third child will be born over the next five years.

As many as eight entities of the District received subsidies from the federal budget for the construction of 19 pre-school educational institutions, 6 schools and 3 polyclinics, as well as transport infrastructure facilities in 2017.