Families Displaced from Artsakh Can Acquire, Build, and Improve Their Own Homes: New Changes

The state support program for ensuring housing affordability for families displaced from certain regions of the Republic of Artsakh has undergone changes.

Accordingly, the deadline for applying to the program online has been extended until March 15, 2023. Any family member can act as a borrower or co-borrower when arranging a mortgage loan, regardless of whether they are included in the certificate. Beneficiaries will receive support not only for residential property or individual houses but also for purchasing apartments in newly constructed apartment buildings. To continue development, a construction loan will be provided based on the certificate. Beneficiaries who receive land as a gift or inheritance from a family member can build a private residential house on that land. Beneficiaries who acquire property at a value lower than the support amount can redirect the remaining funds toward the renovation of the property. The requirement regarding the property not being disposed of in the past 12 months does not apply to properties disposed of through gifts.

As of now, 3,423 beneficiaries have received certificates within this program, with around 300 beneficiaries having acquired real estate or in the final stages of the mortgage loan process.

Thus, as a result of these and previous modifications, citizens who meet the program requirements can not only acquire, build, and reconstruct their homes but also improve them. The program will also subsidize the fees charged for registering the property rights for the acquired or constructed real estate. When obtaining a mortgage loan from a bank or credit organization cooperating with the Unified Social Service, the state will subsidize the principal amount and interest payments based on the loan timeline through the certificate. Specifically, for monthly payment obligations in Yerevan, the total principal amount can be up to 8 million drams with an interest rate of up to 8%. In regional settlements of Armenia, this can be up to 10 million drams with an interest rate of up to 10%. In Artsakh, this can be up to 12 million drams with an interest rate of up to 12%. In border settlements, when acquiring residential real estate through a mortgage loan, the total principal amount can be up to 14 million drams with an interest rate of up to 13%. For constructing individual residential houses or acquiring apartments in newly constructed buildings in the Syunik and Vayots Dzor regions from the primary market (directly from developers), the total principal amount can be up to 16 million drams with an interest rate of up to 13%.

Recall that beneficiaries of this initiative are families who were residing in certain regions of the Republic of Artsakh as of September 27, 2020, or officially registered in Artsakh, those who have actually resided there for at least the last three months, or those who have actually resided there for the last three years and were displaced due to the war unleashed by Azerbaijan on September 27, 2020 (including single persons), as well as children born in those families after September 27, 2020, excluding families that were sent to the Republic of Artsakh under any program before September 27, 2020, and lived there for the last three months.