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Builders will receive soft loans and new support measures in Russia
Measures to support the construction industry will be federal in Russia. Affordable loans will be launched for developers, advances under contracts in infrastructure construction will be increased, and part of expenses will be redistributed as part of national projects. This was stated by President Vladimir Putin.
At a meeting on the development of the construction industry, Putin instructed the government to prepare a set of measures that will increase the availability of bank loans for construction companies. The interest rate will be subsidized by developers who will keep employment and undertake to complete the construction of houses scheduled for commissioning this year and next, so that there will be no long-term construction.
The Cabinet must determine the exact criteria for providing such assistance by the end of April. 12 billion rubles are planned to be sent to support lending programs for the construction industry.
To provide loading for the construction industry, construction companies will be transferred to complete the construction of houses for interest holders. To this end, the Fund for the Protection of the Rights of Participants in Shared Construction is additionally capitalized by 30 billion rubles.
The president also proposed to provide a state guarantee to the Ministry of Finance of the DOM.RF corporation. She will receive 50 billion rubles to attract loans from commercial banks and directly redeem new comfort class apartments from developers. In the future, they will be able to purchase in the framework of preferential mortgage programs.
In addition, the president announced the continuation of large-scale infrastructure projects, including in the Far East: expanding the capacity of the Baikal-Amur Mainline and the Trans-Siberian Railway, modernizing the airfield complex in Khabarovsk, and building modern port facilities. Putin said that even in the fight against coronavirus infection, the deadlines for these facilities should be kept as close as possible so that the state’s financial resources do not freeze, but work for the economy.
Separately, they will consider the issue of increasing advances under contracts in infrastructure construction. Now 30% of the contract is being advanced, and the president has proposed increasing the share to 50%, so that to provide construction and other companies with additional working capital to continue work, maintain jobs and attract new staff.
For additional loading of the industry, the president instructed to consider the possibility of redistributing part of the costs within the framework of the national project “Safe and high-quality roads” and emergency housing resettlement programs to increase the pace of work. The government must calculate the parameters of such a maneuver within a month.