A number of resolutions for social housing projects have been made by the Social Housing Fund, to serve low-income citizens according to certain criteria, Minister of Housing, Utilities and Urban Communities Moustafa Madbouly announced, Invest Gate reported.
The fund approved offering 6,000 social rental housing units for earners of less than EGP 1,500 per month. For applicants who have not met the social housing project’s criteria set for unions, residential units will also be made available, Madbouly said.
On the other hand, the fund’s board of directors authorized the repayment of EGP 377 million to resume linking utilities, including water networks, sewerage, electricity and phone lines for 15,744 residential units for the first phase of the social housing project in the Fayoum, Beni Suef, Qena, Menoufia, Gharbeya, Luxor, and Giza governorates, Madbouly added.
Upon a request received from the Governor North Sinai, the fund also agreed to allocate available units, that were previously allotted to widows, divorcees and low-income citizens in Al Arish and Beir Al Abd, in exchange for a rental value, Madbouly continued.
In regards to the 6,000 units offered for rent for earners of not less than EGP 1,500, residents of informal settlements get the first priority, followed by female breadwinners, people with special needs, large families, followed by smaller ones and individuals, said Executive Director of the Social Housing Finance Fund, May Abdel Hamid. She added that the lease can be renewed after seven years, provided the monthly income does not exceed EGP 1,500 at the time, and the rental value and monthly maintenance have been promptly paid.
The subsidized rental value stands at EGP 300 per month, and is subjected to a 7% annual increase, plus an additional EGP 25, bearing in mind the actual rental value ranges between EGP 600-800. Eligible renters make an EGP 3,900 down payment, and can apply for an ownership during the lease term, Abdel Hamid explained.
Applicants can follow the procedures for application through their unions by filling all required documents, she added, noting payments are to be made through the Housing and Development Bank.