Amendments to escrow accounts law – a step towards developers
The introduction of a package of amendments, according to which municipal authorities can now be holders of escrow accounts, indicates that the new mechanism is reliable for the participant in shared construction. Such an opinion in the framework of the online webinar “Financial Newspaper” was told by the vice president of the National Association of Builders (NOSTROY) Anton Moroz.
“The expert community proposed to include this norm 1.5 years ago, since it is profitable for the municipal budget to purchase housing at a reduced price, which will subsequently be implemented in order to implement local housing programs for certain categories of citizens. But the legislator, knowing about a number of negative examples of the participation of municipal budgets in shared construction, did not do this. The introduction of this norm indicates that the new mechanism is really absolutely reliable for the participant in shared construction”, – said Anton Moroz.
He emphasized that as part of the amendments, the first step was taken towards developers: now the disclosure of escrow accounts will be possible immediately after the developer receives permission to commission, and not after registering property rights, as it was originally.