House signs off on Social Housing and Mortgage Finance Support Act

LEGISLATION WATCH- House signs off on Social Housing and Mortgage Finance Support Act: The House of Representatives signed off on the Social Housing and Mortgage Finance Support Act during its plenary session yesterday, Housing Minister Mostafa Madbouly reportedly said. Under the new law, the Social Housing Fund and the Mortgage Finance Fund will be merged into a single entity to streamline mortgage financing procedures, according to the minister. The law also sets a framework for the pricing of land and state-subsidized housing, as well as the services that residents in those projects have access to. The law enshrines citizens’ rights to access safe and affordable housing and supports a government-led, countrywide urban development plan, according to Mortgage Finance Fund Chairman Mai Abdel Hamid.