Minstroy is preparing the reform of the legislation

13.06.2018

The Minister of Construction and Housing and Communal Services of the Russian Federation, Vladimir Yakushev, commented on the instruction of the Russian President, voiced during a straight line.

The official in the framework of feedback told how the Ministry of Construction plans to work to improve the transparency of housing finance mechanisms:

“We have prepared a number of amendments to No. 214-FZ on equity construction, according to which we must solve an important task – to make the market and the procedure of shared construction transparent. And for this it is necessary, first, to get away from the “boiler method” by applying the principle “one building permit – one settlement account”. And secondly, to provide bank support. These two institutions must earn from July 1 this year. And from July 1, 2019, it is planned to switch to special accounts, which will attract money from participants in shared construction, but this account will not be under the order of the developer. The funds will be blocked, and under them the developer will be able to open a credit line in the bank. This loan can be used exclusively to finance the construction of the facility. After the keys to the apartments have been handed over to the buyers, the credit line will be repaid on the account where the equity holders’ funds have accumulated, and the developer will receive his profit. This mechanism will make it possible to use the money of the equity holders exclusively for construction, while at the same time keeping them as high as possible and not allowing the pyramids. The amendments are scheduled for June 27, 2018. Such measures will make it possible to clean the market of unscrupulous companies, and start implementing an ambitious task of commissioning 120 million square meters. meters of housing by 2024. To this end, a number of mechanisms are also envisaged, which we will reflect in the relevant documents, and before October 1, 2018 we will prepare the entire regulatory framework for the execution of this assignment” – the minister said.

Recall that Russian President Vladimir Putin, during a straight line on June 7, announced his intention to abandon the equity mechanism for financing construction projects altogether.

“We have decided to cease from July 1, 2019 to conclude new agreements for shared construction and to raise funds exclusively through the system of financial institutions, through banks for these purposes” –  Vladimir Putin said.

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