Terms & Conditions for 5,706 Social Housing Units Issued

Sunday, 9th October 2016

The terms and conditions for 5,706 units in the social housing project have been revealed on Saturday and are available in post offices in several governorates across the country, according to Minister of Housing, Utilities, and Urban CommunitiesMostafa Madbouly, reported Invest-Gate.

Two-bedroom units are available in 10 govern orates, including 511 units in Ismailia, 472 units in Qalyubia, 31 units in Menoufiya, 180 units in Damietta, 192 units in Minya, 536 units in Sohag, 800 units in New Akhmeem City, 1,500 units in North of Sinai, 1,340 in Qena, and 120 units in Beheira. The units will offered to citizens with individual monthly incomes of less than EGP 1,500. Citizens can start reserving their units on Tuesday.

These units mark the first phase of the social housing scheme for low-income citizens. According to Mai Abdel Hamid, Executive Director of the Social Housing Fund, citizens are not allowed to reserve more than one unit, cannot previously or currently own a residential unit, cannot own land in the new cities, and must not have acquired any previous loans or support from the previous national housing project. Citizens should also be residents or workers within the city where the project is constructed.

The rental period is set at a maximum of seven years, renewable only upon agreement between the two parties, Abdel Hamid added.

Other conditions imply that citizens must be between 21 and 50 years old. If demand on application is high, priority will be given to residents living in unsafe slum areas, single mothers, citizens with special needs, families with large number of members, average-sized families, while single citizens will be the least prioritized.

Applicants will be expected to pay EGP 1,000 to book a two-bedroom unit, and EGP 1500 to book a three-bedroom units through any post office in the abovementioned governorates.

Applicants will also be obliged to pay EGP 3,000 annually for electricity, water and gas services, and a three-month deposit that will be paid back at the end of the rental period. The monthly rent for two-bedroom units is EGP 300, while for three-bedroom units it is EGP 410. Tental prices are subject to an annual 7% increase.

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