Program of accommodation of young families launched in Armenia

YEREVAN, February 1. /ARKA/. On Friday, Armenian government approved “Available Accommodation for Young Families” program worth AMD 3 billon.

Finance Minister Tigran Davtyan, this program is one of the most important projects in the country.

“This initiative has been put forward by the Armenian president and included in his election program and the government’s program,” he said.

He said this program was worked out very quickly. It outlines a wide range of beneficiaries and set up the concept of young family.

Under the program, those married couples whose aggregate ages don’t exceed 60, on condition that none of the spouses is older than 35, are considered young families and eligible to get mortgage loans.

A single parent whose age is under 30 with his/her child or children are viewed a young family.

Davtyan said AMD 3 billion will be earmarked for implementation of this program, and the mortgage loans will be extended through banks.

He said that the government will subsidize a part of the lent amount, and this will make it possible to lower interests.

Armenian Finance Ministry says interest rates on these loans will range between 8.5 and 9%.

Te loans will be extended for one decade.

The minister said that 300 young families will get mortgage loans at the initial stage of the project.

Calculations show that a young family’s monthly installment will amount to AMD 130,000.

“Statistical reports show that thousands of families will benefit from the program. There was fear that the earmarked 3 billion is not enough for the project, but we have additional reserves, which can be used for implementation of this program,” Davtyan said. ($1 = AMD 377.45). M.V. --0--