OREANDA-NEWS. September 29, 2014. The Agency for Housing Mortgage Lending  (AHML) allocated an additional 1.5 billion rubles to issue mortgage loans to young teachers with an annual interest rate of 8.5% in rubles, fixed by the edict of the Government of the Russian Federation 1177. Thus, the total amount of funds that will be invested in the program by the Agency will be 6.5 billion rubles.

According to the data for September 1, the total number of mortgage loans issued to young teachers since the beginning of the program's implementation by the Agency's partners was 3,350, for a total sum of 4.7 billion rubles in 72 regions of the Russian Federation. The leaders in the issuance of loans were the Krasnoyarsk, Nizhny Novgorod, Tyumen, Novosibirsk, Orenburg, Tula, and Ryazan Regions.

The average amount of a loan was 1.3 million rubles, the average monthly payment will be 12 thousand rubles, which is 20% lower  than the average payment  for mortgage loans on the market.

"Due to the receipt of federal subsidies by regional budgets, the Agency's partners noted a substantial increase in the number of applications for loans under the "Young Teachers" program. Thus, the lending limits that had been calculated through the end of the year began to run out prematurely. Understanding the social significance of the program, the Agency made the decision to send additional funds to finance the program, so that recipients of subsidies would be able to exercise their right to favorable loans. By our estimates, the allocated funds are sufficient to improve the housing conditions of another 1.2 thousand teachers." commented the Director of the Innovation, Methodology, and Standardization Department of the AHML, Maria Polyakova.

Until the end of the year, mortgage loans will be granted under the program only to young teachers that have the right to a subsidy. The average size of the subsidy granted by the regions of the Russian Federation in 2014 was 340 thousand rubles.