The Committee on Finance and Banking recommends that the Parliament should withdraw the draft law to amend the Law “On Financial and credit Mechanisms and Property Management in the Course of housing Construction and Operations with Real Estate” (re introduction of one type of construction financing fund)
20 March 2013, 15:41
The bill (Reg. No. 2119) proposes to introduce a single construction financing fund without division into types, instead of two types (A and B) according to the current Law “On Financial and credit Mechanisms and Property Management in the Course of housing Construction and Operations with Real Estate”
It was stressed at the meeting of the Committee that the Cabinet of Minister did not support the draft law in its conclusion. In addition, the implementation of the provisions under the bill will deprive the vast majority of citizens a possibility to acquire housing and will negatively affect the development of the construction industry.
The National Commission for carrying out state regulation in the field of financial services provided a conclusion, which states that it is appropriate to complete the project. Thus, the Commission made ??a number of important reservations to the provisions of the bill and provided several significant proposals that practically change its concept.
Meanwhile, the discussion that arose during the discussion of the project and the range of issues raised in this case, and the positions expressed by people’s deputies and representatives of various government bodies, who attended the meeting of the Committee, gave reason to believe that the current system of housing finance and the legal framework of financial and credit mechanisms of construction need significant improvement.