550 Families to Build Homes in Armenia's Bordering Villages with State Support

By the end of 2024, at least 550 families will build their homes in 80 bordering rural communities in Armenia with the support of the state. This was announced by Gayane Gharkhoyzian, a coordinating consultant of the structural subdivisions of the Ministry of Labor and Social Affairs, during a press conference. According to Sputnik Armenia, the state program is exclusively designed for border villages and can be utilized by low-income or underprivileged families.

"The main goal of the program is the balanced and sustainable development of rural communities in bordering areas, with particular emphasis on addressing the housing issues of underprivileged and low-income families, as we all know that if a family lacks income, it is nearly impossible for a bank to provide them with a mortgage loan to acquire property," explained the social worker.

She noted that the program is set to be implemented by the end of 2024, with the state budget allocating 466 million drams for 2023.

"Specifically, the program is available to couples who have a registered marriage with the Civil Registry, wish to build a home in a bordering village, possess a plot of land or an unfinished building (with the appropriate permissions) in the specified village, and have a positive credit history. At least one of the spouses must be an Armenian citizen," Gharkhoyzian said.

The ministry's representative elaborated on the financing details, stating that state support is provided solely for the construction of an individual residential home through mortgage lending and is directed exclusively toward monthly payments for both the principal and interest amounts. The total amount of support is 16 million drams.

"For example, if a beneficiary receives a loan of 16 million drams from a bank at an interest rate of 13% with a repayment term of 10 years, they have no obligations within that loan framework. The state covers the entire amount. If the loan amount exceeds this, the beneficiary will cover the difference through monthly payments," Gharkhoyzian added.