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The development of mortgage loans is one of the major directions in the state housing policy. In addition to responding to the needs of socially vulnerable groups of the population, the current housing policy must adopt a new approach to solving housing problems for the majority of working population, or people with average incomes and savings who acquired their homes through free privatisation. Long-term mortgages are the principal way of solving the housing problem for this part of the population.

The document specifies main objectives and principles of mortgage development, taking into account Russian legislation and the current social and economic situation. The concept includes a detailed description of mortgage development, as well as organisational and economic mechanisms for the attraction of financial resources to this sphere.

According to the resolution, the government’s key task in the setting up of a system of mortgage loans is to create a legal basis and regulations that would lower financial risks and make housing more affordable for the people. The government will subsidise housing purchases for those who cannot afford to pay for their homes by providing goal-oriented and free subsidies from the state budget. This will ensure efficient functioning of two complementary market mechanisms, such as solving housing problems of citizens and providing social support.