Govt launches home-building program for distressed borrowers

Sustainability

The government has launched a home-building program for families struggling to pay back their foreign currency-denominated loans with a resolution published in the latest issue of official gazette Magyar Kozlony.

An earlier unveiled assistance program for borrowers with foreign currency-denominated mortgages offers subsidies to participants who move into smaller homes.

Under the new resolution, the homes will vary in area, depending on family size. They will be built on 1,000sqm meter plots that offer residents the chance to have a vegetable garden. The homes will be energy-efficient, ensuring low utilities bills. Participants in public work programs as well as the people who will dwell in the homes will be offered the opportunity to participate in their construction. Charitable organizations will be asked to serve as mentors, when necessary, assisting families to become self-sufficient.

The resolution stipulates that the homes will be built only in those communities in which there are no existing vacant homes that could be purchased for less than the cost of building a new home.

A decree published in the same issue of Magyar Kozlony makes the planned construction of 415-500 such homes in the town of Ocsa, near Budapest, a priority project.

The government has initiated the construction of the homes on an area of at least 66 hectares in Ocsa. Between 80 and 100 40sqm homes, 220-220 50sqm homes, 80-100 60sqm homes, 35-55 70sqm homes and 20-25 80sqm homes will be built, along with infrastructure.

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