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15% of revenue from Beit Al-Watan goes to low-income projects - Daily News Egypt

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15% of revenue from Beit Al-Watan goes to low-income projects

Age range of applicants for the social housing project increased to 50 years instead of 45 for owning and renting units


By Rana Yehia

The cabinet approved the two requests from the Minister of Housing to direct 15% of the total revenue from “Beit Al-Watan” lands to the Social Housing Fund and to amend some terms of applications for social housing units in the “1m housing units” project, said Minister of Housing Mostafa Madbouly in statements to the press on Friday.

This is within the framework of the Ministry of Housing’s steps towards social justice and supporting low-income individuals, he added.

“15% of the revenues from the Beit Al-Watan project, designated for selling lands to Egyptian expatriates, will be directed to the social housing fund that was founded two months ago in order to finance the implementation of the 1m housing unit project,” said Madbouly.

The second decision concerns increasing the age range of applicants for the social housing project to 50 years instead of 45 for owning and renting units. The decision came in response to citizens’ requests to expand the deserved category, the minister noted, clarifying that the repayment period has also increased to 20 years instead of 15 for ownership units.

Madbouly further noted that a part of the revenues from sales of the lands of the Urban Communities Authority and from the partnership projects with the private sector will also go to low-income social housing projects and to deliver facilities to low-income areas and villages.

 

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