OREANDA-NEWS. May 18, 2012. Yuriy Chmyr, Sumy Regional State Administration Chairman has signed Ukraine's first contract on compensation of the interest rate to the borrower within the framework of the President’s social initiatives on reduction in price cost of mortgages for affordable housing to citizens.

The agreement will allow Sumy resident with his wife and two children, mason with many years of experience, who was in queue more than 10 years to get a two room apartment with total area of 58 square meters in house on Kovpaka 41st in the regional center by the end of this year. Term loans and getting compensation - 15 years.

"Sumy region is one of the first has given the list of construction sites for participation in the program of reduction in price of the mortgage. In addition, it was the largest offering of the six regions, working out of which have been considered and approved by the Interagency Commission under Ministry of Regional Development. Thus, the direct implementation of the President’s social initiatives has started to practice," said Anatoliy Blyznyuk, commenting on the contract signing.