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Penza authorities create residential development incentives

09:51 | 05.11.2015 | Economy

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Penza, 5 November 2015. PenzaNews. The Penza region has created incentives to increase activity in residential development field.

Penza authorities create residential development incentives

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In particular, the officials undertook a large work to provide affordable loans for completion of new apartment buildings, on conditions that they open for future residents in the upcoming year. Moreover, they and real estate developers discussed and analyzed the most troubling issues with opening new building for residents, and offered them state help to resolve the problems.

Moreover, the authorities, together with loan companies and large real estate developers, held a working meeting with young families that receive social benefits for flats in new Penza city houses to encourage public demand for hew housing as one of the main incentives.

Among other measures, the authorities currently consider including additional measures to subsidize interest on loans under program “Housing for Russian Family” to real estate developers in the regional subprogram “Creating Incentives For Real Estate Field Development in Penza Region.”

The currently discussed subsidy amount is set equal to actual interest payment expenses for real estate developers, without exceeding the CBR refinancing rate on the due payment date plus three percentage points.

They also provide assistance to Penza enterprises oriented on construction materials production, thus providing local construction companies with high-quality materials that can compete with imported ones, says the press service of the Penza region government.

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