Support for the purchase of housing for families with children will be expanded.

To support families with children for the purchase or construction of housing, the Altum development financial institution has been granted state budget funding in the amount of 7,026,000 euros, within the framework of which state guarantees will be available to families with children in the last months of this year and in 2020. “It is essential for the state to promote the availability of housing for residents, especially for families with children. Residents’ consistently high interest in receiving state support for the purchase of housing within the housing guarantee program implemented by Altum confirms its vital role in promoting housing affordability. That’s why the Ministry of Economy not only continues to provide support, but has started work on expanding the program,” emphasizes Minister of Economy Ralfs Nemiro. With the aim of further promoting the availability of housing for families, the Ministry of Economy has started work on expanding the program so that from February 2020 support is also available to persons who are dependent on one or more children and have become pregnant, as well as to increase the amount of the guarantee to 30 % (instead of the current 20%) of the loan for families with four or more children. Also, the ministry’s intention is to give families the opportunity to apply for the guarantee again on the condition that the previously granted guarantee obligations have expired. The housing guarantee support program significantly reduces the down payment for the construction or purchase of a home with a mortgage loan. The housing guarantee program has been successfully implemented since 2015. Until the beginning of November of this year, as part of the housing guarantee support program, Altum granted a total of 12,746 housing guarantees for the total amount of 92.4 million euros to families with children for the construction or purchase of housing, and a total of 18.3 thousand children grow up in these families. At the same time, in 2020, Altum will also continue to grant state support for the purchase of housing within the guarantee program for young professionals under the age of 35 with a higher or vocational secondary education. Guarantees for the purchase of housing for young specialists are not provided from the state budget funding, but from Altum’s funds. The support program for young specialists has been available since March 1, 2018, and up to now a total of 1,676 guarantees in the amount of 11.95 million euros have been granted to young specialists.

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