The law on share construction is corrected by this autumn


New amendments to the federal law on shared construction (214-FZ), removing unnecessary barriers to the work of developers, are planned to be made this fall. This was told by the head of the Ministry of Construction and Housing of the Russian Federation Vladimir Yakushev.

“Today, the bank determines that for the issuance of project financing it is sufficient for the collateral, which the developer provides to it – this is a land plot, additional requirements. Already he will make a decision, not being tied strictly to the requirements previously prescribed by law. Of course, they will need to be removed from the law, because these are additional administrative barriers, with which we are constantly trying to fight with you. Therefore, in the fall, it will be necessary to amend 214-FZ, ”said Vladimir Yakushev on the Russia-24 TV channel.

Recall that Russia is implementing a phase-out plan for shared construction. From July 1, 2019, Russian developers are required to work on escrow accounts, on which citizens’ funds will be accumulated. Construction companies are not entitled to use this money until the completion of the work; banks will lend them. At the same time, developers will be able to complete part of the projects already started by the old rules of financing.

Source: Moscow Construction Complex

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