RF President Vladimir Putin signed a Decree on the formation of an integrated institute of development of housing construction on the basis of HMLA.
As is contained in the document published at the official legal information web-site, the new structure will deal with housing availability increases, management efficiency in the sphere of housing construction and investment attraction. The organization will include the Federal Housing Construction Promotion Fund, and affiliates of HMLA – JSC “HMLA Insurance Company” and JSC “Agency for Financing of Housing Construction”.
The Law allows other organizations to join, including credit lending entities. The integrated institute of development will contribute to the development of mortgage loans and the mortgage securities market, stimulate the construction of economy-class dwelling and also develop and implement measures for the decrease of different risks in the industry at the expense of insurance, guarantees and bonding.
The law is supposed to create an integrated state support mechanism from the stage of the land sectors allocation for construction, dwelling construction and infrastructure development financing and for stimulating the demand for new flats, including mortgage loans use.