The board of directors of Social Housing and Mortgage Finance Fund has approved offering more than 9,834 residential units in Port Said and Damietta provinces, with areas varying between 105 and 120 square meters, as part of the state’s efforts to provide a plethora of both social housing and investment units, Invest-Gate reports.

In Port Said, the board of directors nodded the provision of 9,672 residential units in Port Fouad, in addition to a wide range of investment units within the city’s social housing project, which are currently underway with areas up to 120 square meters, Mai Abdel Hamid, the fund’s CEO, said in an official statement on July 9.

Meanwhile, in Dameitta’s Shata, which lies Northeast of Nile Delta, 112 120-square-meter units are under construction, out of a total of 336 units within the city’s social housing project. Also, 50 150-square-meter apartments will soon be finalized, coming under the state’s plans to build 336 social housing units at El Zarqa City, Abdel Hamid further noted. 

The unit’s value will be settled in installments over three years, 15% of which shall be paid as a deposit, while the remaining will be met through 12 quarterly payments or over five years at an interest rate equal to the central bank’s on the disbursement date.

In case of high applicant turnout, a public lottery will be conducted to determine the closers, the CEO explained during a meeting headed by Minister of Housing, Utilities, and Urban Communities Assem El Gazzar.