OREANDA-NEWS. February 27, 2012. In accordance with an order of Chairman of the Russian Federation Government Vladimir Putin preparations for the project of building affordable housing of economy class for the shipyard workers, which includes soft mortgage credit facilities, are being made at Sevmash.

As explained by the head of housing construction management Alexandr Markov major efforts have already been made: data on people in need of living conditions improvement has been gathered and analyzed, a mechanism for calculating rent charges at various crediting rates and periods has been developed and relevant calculations have been carried out, as well as calculation of required state financial support during implementation of housing construction to make it affordable. On such basis a corporate program “Improvement of JSC “PO “Sevmash” employees’ housing conditions using soft mortgage credit facilities” will be created.

Main idea of this program is to provide shipyard workers with complete accommodations for rent with a right to repurchase them in a certain period (approx. 10 years). Whereas rent payments, made by a worker, shall be counted when calculating repurchase value of an accommodation. This approach has a number of advantages. First of all, rent payments setoff shall significantly decrease credit sum required to repurchase an accommodation. Secondly, to obtain a credit no initial installment and grant of collateral required.

The task of providing Sevmash employees with housing is planned to be solved following two trends simultaneously. First one is to complete unfinished housing projects owned by the shipyard (14 sites in town). These are the houses, construction of which was suspended in 1992-1993. However they will be constructed under new design documents (not old ones) that comply with actual technical regulations and standards. Existing pile foundations, which are being inspected with respect to house reliability and safety, will be used for construction. These pilot projects will serve as a proving ground for a system implementing corporate mortgage housing program.

The second trend relates to integrated territory development for housing construction. To minimize the housing costs the existing plan includes raise of budgetary funds in order to create an engineering, transport and social infrastructure. Sevmash actively cooperates with town and regional authorities to solve this problem.

Completion of unfinished building projects, which have supply pipelines already run to them, is planned to be commenced this year, and in 2013 two apartment blocks are to be put into service (approx. 90 apartments).