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The terms of the Arctic Mortgage to be revised

The maximum amount will be RUB 9 mn and the work experience requirements for teachers and medical workers will be abolished.

5 February 2024

In December 2023, Vladimir Putin made a working trip to the Arkhangelsk Region, following which he gave several instructions that have now been approved. Komsomolskaya Pravda writes about it.

The maximum sum for the preferential mortgage will be adjusted — it will be raised to RUB 9 mn. The loan amount pertains to the purchase in the secondary market of a ready-to-move-in dwelling or a dwelling with a land plot in a single-industry town, provided the total area exceeds 60 sq m.

The tenure requirements for teachers and healthcare workers will be waived, and members of the SMO and their families can join the programme without any stipulated restrictions, such as age.

Proposals to adjust the price per square metre of total living space, considered in the funding of relocation efforts from dilapidated housing in the Arctic zone of the Russian Federation, should be submitted by 1 March. This should be based on the objectively evolving cost of housing construction (or reconstruction) in that area,' states the directive.

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