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Saturday, June 15, 2024

A boost to social housing supply?

By An Nhien

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The revised Housing Law provides conductive mechanisms and policies for social housing development, potentially improving supply and demand. But its real-world implications remain uncertain. Favorable conditions for developers, simplified requirements for buyers The amended Housing Law, which the National Assembly passed on November 27, 2023, will take effect on January 1, 2025, coinciding with the revisions to the Real Estate Trading Law and the Land Law. According to Le Hoang Chau, chairman of the HCMC Real Estate Association (HoREA), Chapter VI of the revised Housing Law synchronously regulates mechanisms and policies for social housing development, with a primary focus on achieving the target of constructing at least one million social homes between 2021 and 2030. Key policies include provisions mandating provincial-level people’s committees to allocate sufficient land for social housing development in accordance with approved housing development programs and plans. Clause 5 of Article 77 enables designated state credit organizations to extend preferential credit offerings to eligible individuals for social housing purchase and lease-purchase, addressing the shortcomings of Clause 4 of Article 50 in the 2014 Housing Law, which did not permit such credit organizations to provide low-interest loans for social housing acquisition. Regarding eligibility criteria for accessing support policies […]
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