To support the housing construction market will be allocated additional funds

The Federation Council (FC) of Russia today voted for legislation that reduces the rate on the subordinated loan to the Agency for Housing Mortgage Lending (HMLA) from 9,5% to 6,5%. Such amendments shall be made to the law "On additional measures to support the Russian financial system." As told at a meeting of upper house of parliament, head of the Committee on Financial Markets SF Dmitry Ananiev, today the law Vnesheconombank (VEB) will lend HMLA by the National Welfare Fund (NWF) to 40 billion rubles at the rate of 9,5%. Credit back to June 1, 2020. Means the agency is entitled to receive up to June 1, 2010. Amendments will take the money before 2012. Isolated from the NWF money will be placed on deposit at VEB. Accordingly, the law would reduce the deposit rate from 8.5% to 6.25%, said Anan. The amount of decreased income of the federal budget for such a reduction in interest rates will amount to 1,5 billion rubles, or 26.5% of the amount of funds anticipated to be received as proceeds from the placement of NWF to deposit at VEB, for the period up to February 1, 2012, said he said. Note that these funds should help stimulate lending to construction and home economy class. Such a program HMLA developed in accordance with the request of the Government Commission on Sustainable Development of the Russian economy.