The Board of the Social Housing Fund has approved offering a portion of the social housing project for rent. The move is designed to aid citizens of provinces with extreme poverty, reported Invest Gate.
The units allocated for rent are part of the nationwide construction project of 656 thousand housing units, according to Minister of Housing, Utilities, and Urban Communities, Moustafa Madbouly.
There is a need to provide a rental hub for low-income people, who are unable to fulfill the obligations of ownership through a mortgage system, stated Madbouly, adding that an agreement to add a rental option within the project was part of the world bank loan deal.
Mai Abdel Hamid, Head of the Mortgage Fund and the Social Housing Fund, said that Madbouly and the board of the fund have approved agreements with the water, natural gas, and electricity companies to extend their services to the project.
Several mechanisms, regulations, and proposed financial models will be announced when implementing the rental system on for the social housing project, Abdel Hamid added.