The Board of Directors of the Social Housing and Mortgage Finance Fund (SHMFF) has approved a guide for judicial procedures and dealing with violations of the Social Housing Law, Invest-Gate reports.
The two parties agree on the rules of selling social housing units with an area of 90 sqm. This came during a meeting with the Minister of Housing, Utilities, and Urban Communities Assem El Gazzar via video conference, according to an official statement.
On her part, Head of Social Housing and Mortgage Finance Fund (SHMFF) Mai Abdel Hamid indicates that the approval is for the low-income category (a monthly income up to EGP4,500 for singles -EGP 6,000 for the family), and the middle-income category (a monthly income up to EGP10,000 For singles and EGP14,000 for the family).
Moreover, the sale price is EGP197,000 for units in the Canal, North, and South Sinai – EGP184,000 for the units in Upper Egypt.
Back in January 2019, the Egyptian parliament’s General Committee gave preliminary approval for the draft law on reconciliation in building violations, which expected at this time to provide the government with roughly EGP 150 bn when issued, according to a previous statement.
Under the new act, proceeds of the reconciliation shall be allocated to the public treasury as follows: 15% of the value of the settlement will be allocated for the Social Housing Fund and development projects, 30% for infrastructure projects, 7% for the establishment of parking spaces, 10% for the administrative bodies to be directed to removal of occupancy and violating buildings, and 3% to reward members of state committees and employees in the competent administrative authority.