Social Housing Fund to Receive Rent Payments Electronically

Monday, 26th December 2016

The Social Housing Fund is to collaborate with the Housing & Development Bank to receive rent payments of residential units owned by the fund electronically, reported Invest-Gate.

Tenants are to deposit all due rent payments in the Social Housing Fund account in the Housing & Development Bank on a regular basis. The bank will formulate a database to follow up with tenants and all the delayed and neglected payments. “It will also be authorized to take legal action against tenants who ignore payment deadlines,” stated Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly.

The Social Housing Fund has also agreed to sell 48 residential units in New Sohag City to the Labor Union Committee within the Administration and Management Authority of Sohag governorate. The committee is to pay for the purchase of those 48 units in addition to a 5% maintenance fee.

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