Chisinau administration launches social mortgage project

The authorities of Chisinau are preparing to launch a social mortgage project. Vasile Panfil, the head of the Capital Construction Division, has told Info-Prim Neo that among the project beneficiaries will be teachers, doctors, officials of the local public administration, other categories of people such as employees of municipal companies and state-owned enterprises and the social strata that cannot afford buying an apartment as the prices of dwelling are rising constantly, Info-Prim Neo reports. Vasile Panfil said that a square meter of dwelling purchased through social mortgage will cost an estimated 450 euros. The project will be presented to the Chisinau Municipal Council for approval at one of the next meetings. The project envisions the construction of three buildings with about 500 apartments at the initial stage. The construction works could start in the first half of 2009. Afterward, the project will be extended up to 10,000 apartments for municipal budget-paid employees. Talks are now being carried out over the social credit. The mortgage must not exceed 5%. The social mortgage is a public-private partnership. When the construction is complete, the land remains to be administered by the City Council.