Housing Law (amended) gives more incentives to social housing investors

DNVN - Sharing at the seminar "New regulations on social housing: From policy to implementation", on the afternoon of May 10, Dr. Phan Duc Hieu - Standing member of the National Assembly's Economic Committee highly appreciated the innovations of the Housing Law (amended). Accordingly, the law expands the scope of access as well as provides more incentives for social housing investors.

The Housing Law (amended) was passed by the 15th National Assembly on November 27, 2023. According to the assessment of the business community and experts, the law is of the best quality in more than 30 years, since the 1991 Housing Ordinance. The provisions that are suitable for practice and consistent with the legal system of the law will promote the implementation of the Party's policies and the State's policies in developing housing for the people.

In particular, Chapter VI of the Housing Law (amended) has synchronously regulated mechanisms for developing social housing. First of all, it aims to implement the program of developing at least 1 million social housing units in the period of 2021 - 2030 with many outstanding policies.

The law clearly stipulates that the provincial People's Committee must allocate sufficient land for social housing development according to the approved provincial housing development program and plan. At the same time, it allows credit institutions designated by the State to provide preferential loans to subjects eligible to buy or rent-purchase social housing.

The law also stipulates that social housing tenants do not have to meet housing and income requirements. This provision is reasonable and appropriate for workers.

The Housing Law (amended) will take effect from January 1, 2025. However, in order to soon bring effective policies on housing in general and social housing in particular into life, the Government has directed to accelerate the issuance of guiding documents and ensure quality. On that basis, the Government will submit to the National Assembly for permission to implement this earlier, possibly from July 2024, along with the Land Law (amended) and the Housing Business Law (amended).

Speaking at the seminar “New regulations on social housing: From policy to implementation”, delegates focused on discussing and clearly identifying new regulations on social housing in the Housing Law (amended). Assessing the impacts of these new regulations on the policy of developing housing for the people of our Party and State, especially housing for low-income people and the poor.

Dr. Phan Duc Hieu - Standing Member of the National Assembly's Economic Committee highly appreciated the innovations of the Housing Law (amended), especially with the content groups related to social housing issues. Specifically, the regulations aim to expand the target audience as well as provide more incentives for investors in this field.

Sharing this view, Mr. Ha Quang Hung - Deputy Director of the Department of Housing and Real Estate Market Management, Ministry of Construction said that the Housing Law (amended) shows the suitability of the policy in the direction of trying to approach the reality of life to the maximum. Especially creating favorable conditions for implementing the project of building at least 1 million social housing apartments.

Delegates expressed their hope that positive adjustments from the Housing Law (amended) will create a favorable legal corridor for investors to confidently invest in social housing as well as form a separate segment for this type of housing.

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