Putin Extends Costly Mortgage Programs to Support Construction Industry
The government's mortgage programs have been a significant financial burden, but they have successfully supported the construction industry and ensured that apartment investors receive their properties.
President Putin has emphasized the social and economic importance of these mortgage rates. He has directed Marat Khusnullin, a senior official, to work closely with regional leaders on a weekly basis to monitor the mortgage situation and maintain market stability. Despite the high cost to the budget, the government has decided to continue these programs, as announced by Putin in September. The maintenance of these programs will require additional budget spending.
Khusnullin recently stated that the government's favorable mortgage rates today have stabilized the housing credit policy in Russia.
The government's mortgage programs, though costly, have been successful in supporting the construction industry and protecting apartment investors. The government will continue these programs, with Marat Khusnullin overseeing their implementation and ensuring market stability.
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