The Board of Directors of the Social Housing Fund, headed by Minister of Housing, Utilities, and Urban Communities Mostafa Mabdouly, approved a new law governing social housing and real estate funds, in preparation for presenting it to the Cabinet, Al Mal reported on Thursday.
The new law ensures that prevention of any violations against the social housing system, also ensuring that some of the allocated resources will be dedicated to developing informal settlements, Madbouly confirmed.
Chairman of the Mortgage Finance Fund Mai Abdel Hamid stated that the new law tightens regulations stipulating the permitted uses for social housing, and ensures that the social housing units are delivered to deserving citizens.
A social housing law was previously issued in 2014 in efforts to facilitate the right to a suitable housing for citizens specifically low and middle-income citizens, but it has been amended to ensure the quality of the services provided by implementing the law, added Madbouly.
The new amendments include merging the activities of the Social Housing Fund, the Insurance Fund, and the Real Estate Fund together in one entity, to facilitate the process of receiving a home.