Dong Nai Sets up a Fund for Housing Development

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    Accordingly, the housing development fund will be directly under Dong Nai Department of Finance, operate in conformity with principle of capital preservation, entire cost payment.

    The fund shall support programs on resettlement housing development and social housing; undertake to manage and use effectively properly on purpose of the mobilized capital; legally mobilize the capital; directly invest in housing for sale, hire-sale or lease; release loan and investment capital; and ensure the correct use of the capital etc.

    Those who are under financial support from the housing development fund are organizations and individuals possessing programs, projects on housing development complying with the housing development programs in the province.

    Loans with preferential interest rate for organizations and individuals from all economic sectors in need must not exceed 70% of the total value of a program or investment in housing development. Term of a loan must not last more than 5 years; special cases must not be more than 10 years and loan interest rate does not exceed 50% of the average interest rate for traditional credit loans. The lending capital is based on substantial mortgage, the guarantee by the third party or using assets formed from the loan to mortgage.

    According to the Draft Regulation on organization and operation of the housing development fund, its capital source include legal capital of VND500 billion (US$28,430,090) and capital mobilized from other sources.

  L.H (Reported by Hoang Anh)