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The administration has highlighted key measures they will be implementing for a special project that aims to provide Maldivians with affordable housing.
Last night, the President's Office stated that during yesterday's Cabinet meeting, they had decided to move forward with the National Housing Affordability and Accessibility Project.
As per the President's Office, the aim of the project is to find a sustainable solution to the housing issue that Maldives is facing, along with creating a sustainable and long-lasting housing market.
The Cabinet also decided on some key measures they will be implementing in order to fuel success of the project and ensure affordable housing:
- Developers will see opportunities to use their own funds in constructing affordable housing units, along with developers who are partaking being offered special concessions.
- A dedicated end-user mortgage scheme (which will be developed by banks in consultation) will be introduced, which would enable end-user financing for individuals in purchasing housing units via the project.
- Housing units will be developed in collaboration with financial institutions and offered to the public via a lease-to-own model.
- The administration will purchase a portion of the housing units from developers in order to allocate them to eligible beneficiaries who meet defined criteria.
The President's Office also stated that during yesterday's Cabinet meeting, they had agreed to implement provisions regarding the affordable housing project into the Housing Bill that is currently under consideration by Parliament.
The Cabinet also agreed that this would allow for a straightforward legal framework that would streamline its implementation.
Providing housing to those in need is President Dr. Mohamed Muizzu's biggest pledge.
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