Dr. Assem Al-Jazar, Minister of Housing, Utilities and Urban Communities, pointed out that the implementation of about 13,000 housing units in Badr city, which will be allocated to employees moving to work in the new administrative capital for those wishing to obtain housing units, stressing that these units are ready for delivery.
Some 20,000 more housing units are currently under way, he said.
For his part, Dr. Saleh al-Sheikh, head of the Central Organization and Management Agency, said that the opinions of the staff candidates for the transition to the new administrative capital were surveyed, and some expressed their desire to obtain housing units, while others expressed their desire to receive the cash allowance for the transfer.
He added: We also surveyed their views on the possibility of using the means of transport provided by the Ministry of Transport, and coordination was made on their children’s schools in residential areas, and staff were surveyed on participation in the sports club implemented in the new administrative capital.
Dr. Saleh Al-Sheikh presented the criteria adopted to apply the priorities for obtaining the supported units provided by the state in the project “Housing Egypt” in badr city, other than the units provided in the residential neighborhood R3 in the new administrative capital, provided by the Ministry of Housing for those who apply for them.
May Abdel Hamid, Ceo of the Social Housing and Mortgage Finance Support Fund, addressed a number of measures and steps related to the introduction of housing units for employees moving to the administrative capital applying for reservations for the Egyptian housing project in Badr City.
It noted that the introduction of these units in accordance with the terms of the Central Bank’s initiative issued on July 13, 2021 at a 3% return rate is calculated on a decreasing basis for up to 30 years or the central bank initiative issued on December 19, 2019,
Adjusted on March 19, 2020 at an 8% rate of return calculated on a decreasing basis for up to 25 years, if the conditions do not apply, direct installments can be paid for 7 years for the New Urban Communities Authority.
May Abdel Hamid explained that according to its adoption, the terms booklets will be made available on the Fund’s website from March 16, 2022, to those who have already applied, with the seriousness of the reservation to be paid 35,000 pounds to the housing unit from the same date, and for a period of one month, to be reviewed previously and the validity of the documents submitted after the closure of the booking door.
According to the terms, the files of accepted customers will be transferred to the funders for the credit study and the booking provider will be completed to 15% of the price of the housing unit within one month of the date the bank notified the employee of the approval of the financing.
She noted that coordination was being made with the funding authorities on taking into account the value of the housing allowance when calculating the value of the premium for monthly income, and that the need to work on a life insurance policy and against total and partial deficits would be coordinated throughout the funding period.
The contracting of these units will be in accordance with the provisions of the Social Housing Act No. 93 of 2018 so that the contracts provide for the requirement to occupy the housing unit on a permanent and regular basis for 7 years, with a one-year deadline from the date of receipt to complete the transition and employment permanently and prevent the issuance of any sales or management power of attorney to non-financiers, with a 7-year ban on the disposal of the housing unit.
She added: The Ministry of Finance will undertake before starting to grant mortgage finance from banks or mortgage companies to beneficiaries to make the value of the monthly housing allowance of 4-5 thousand pounds available to each employee according to the job grade and for 7 years to the Social Housing Fund and support mortgage finance within the fund’s budget in the coming financial years.
This is in accordance with the numbers of employees applying according to each stage (initial phase 9024 employees, phase II 4704 employees) as well as any other subsequent stages, noting that the procedures include providing the Council of Ministers quarterly with the report of the occupancy of the units by following up on the consumption of electricity and water.
She explained that employees will be contracted from the rank of general manager and higher, who wish to reserve housing units within the project R3 in the residential neighborhood of the administrative capital through the responsible company and not through the fund.