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More incentives for social housing development

The legal corridor for social housing development has recently changed towards providing more incentives than it was first mentioned in the Housing Law in 2005.
More incentives for social housing development ảnh 1Last year, the nation’s average floor area per person rose 0.6 square metre to 23.4 square metres as compared to 2016 (Illustrative image. Source: VNA)

Hanoi (VNA) – The legal corridor forsocial housing development has recently changed towards providing moreincentives than it was first mentioned in the Housing Law in 2005.

Last year, the nation’s average floor area perperson rose 0.6 square metre to 23.4 square metres as compared to 2016.

In 2017, a further 0.19 million square metres ofsocial housing was added in urban areas, raising the total area for socialhousing in the urban region to 3.49 million square metres.

According to Minister of Construction Pham HongHa, the country now has more than 4 million square metres of social housing butonly 40 percent of public demand has been met.

The Housing Law in 2014 and the government’sDecree No.100/2015/ND-CP have provided full regulations and policies on thedevelopment and management of social housing, he said.

However, due to economic difficulties andlimited State budget for development investment, the allocation of capital forimplementing social housing support policies has not yet met the large demandof low-income people.

In the medium-term public investment plan forthe 2016-2020 period, the government could arrange only a small amount of 1.2trillion VND for the field.

Experts said it is necessary to create long-termcapital sources for the development of social housing projects.

Preferential credit packages are needed to helpenterprises investing in the field and people buying social housing properties.

Nguyen Ngoc Thanh, Vice Chairman of the VietnamReal Estate Association, said the 30-trillion VND (1.32 billion USD) housingaid package, which was launched in 2013 and ended in 2016, created a breakthroughin the field, but it was just an aid package, not credit policy.

The government’s Decree 100 states clearly thatthe capital to implement social housing projects is sourced from preferentialcredits from the Vietnam Bank for Social Policies, he said.

The State Bank of Vietnam(SBV) has decided to keep preferential loan interest rate unchanged at 5percent for purchase, rent or hire of social housing projects in 2018.

The decision took effect from the beginning ofthis year, replacing Decision No 2544/QD-NHNN, dated December 30, 2016, oninterest rate for loans applicable in 2017 for social housing projects.-VNA


VNA
#social housing #incentives #Housing Law #urban areas #public demand #State budget #low-income people #Vietnam Real Estate Association #ietnam Bank for Social Policies #Vietnamplus #Vietnam News Agency

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