The Cabinet of Ministers of Ukraine has extended the state program of providing young people with housing until 2020, Interfax-Ukraine has reported. According to resolution #1032 of 20 December, the program established in 2013 and initially expected to be completed in 2017, was instead extended until 2020.
If successfully implemented, the program will help to build 372,550 square meters of housing, therefore providing 5,165 young families with housing, with the average total area per family being 62.5 square meters. The total estimated cost of the program is reportedly UAH 2.83 billion.
The report attached to the Cabinet’s resolution claims that the extension of the program will solve the issue of providing young individuals with housing, which, in turn, will positively impact the demographic situation in Ukraine.
The program foresees the financing of a mechanism for privileged lending to young people for the purchase of housing, as well as repayment of obligations under previously concluded agreements for partial compensation for interest collected on loans from commercial banks.
The program aims to draw the funding from the special fund of the state budget, funds of local governments, as well as attracted resources. The implementation of the state program provides for co-financing from the state and local budgets. Altogether, there are currently 70 local programs for provision of housing for young people in Ukraine.