Partnering with the state on affordable housing?
Private-sector real estate developers can work on government-sanctioned social housing projects under a cabinet decision. Homes developed by the private sector will be sold to low- and middle-income families and individuals under the same conditions as those sold by the state’s Mortgage Finance Fund, cabinet said in a statement following its weekly meeting yesterday. It’s unclear whether the government will introduce incentives to attract private developers to the social housing scheme, such as having the mortgage fund cover subsidies to deliver the private sector-built homes at a reduced cost. Under the current social housing program, the fund already pays 190k-250k per home in indirect subsidies (for mid-range homes) and EGP 210k-280k (for the lower range).
Also approved by cabinet yesterday:
- Amendments to the penal code to slap fines of up to EGP 200k and prison sentences of at least one year for anyone who records or broadcasts footage of criminal court proceedings without approval from the judge;
- A USD 7.5 mn grant from the Italian government to support the Roubiki Leather City;
- A EUR 200k grant from the Spanish Agency for International Development for an initiative to empower women employed in the tourism industry; and
- Moving forward with a plan to launch the “your business in your village” initiative to create more jobs in rural areas with a focus on women that support their families.