The Social Housing Fund is allocating EGP 377 million to complete the utility infrastructure work for 15,744 social housing units in various governorates in Egypt, reported Al Borsa News.

The first phase of the social housing project will be in the governorates of Fayoum, Beni Suef, Qena, Gharbeya, Menoufia, Luxor, and Giza.

The fund’s board of directors also approved leasing 6,000 of the social housing units for individuals with monthly incomes of less the EGP 1,500, according to Al Mal News.

The leasing tenant pays a subsidized EGP 300 for a two-bedroom apartment, with a 7% annual increase in rent. In addition, the tenant needs to make a downpayment of EGP 3,900, in addition to the EGP 25 in application fees.

For apartment leasing, the tenant has the right to express interest in owning the apartment during the leasing period up to one month before the lease expires.