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First draw of its kind to allocate lands for housing associations: GACHC - Daily News Egypt

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First draw of its kind to allocate lands for housing associations: GACHC

Cooperative housing units have access to a cooperative loan of EGP 50,000 for every unit with a 5% interest rate over 20 years


The General Authority for Construction and Housing Cooperatives (GACHC) conducts on Tuesday the first draw of its kind to allocate lands in New Cairo to 241 housing associations. (DNE File Photo)
The General Authority for Construction and Housing Cooperatives (GACHC) conducts on Tuesday the first draw of its kind to allocate lands in New Cairo to 241 housing associations.
(DNE File Photo)

The General Authority for Construction and Housing Cooperatives (GACHC) conducts on Tuesday the first draw of its kind to allocate lands in New Cairo to 241 housing associations.

The authority declared, in press release on Monday, that the second day of draw will be held on Thursday 27 November to allocate lands to housings associations in 6th of October and Badr cities.

The head of the General Authority for Construction and Housing Cooperatives Hossam Rizk said that this draw comes in the framework of the Ministry of Housing’s interests in supporting the cooperative housing system, as one of the most important pillars in solving the housing crisis in Egypt.

“It is considered a model of civil society participation in the implementation of housing projects without further burdening the national budget,” added Rizk.

Rizk said that the New Urban Communities Authority allocated 1,250 acres as a first phase for the benefit of GACHC.  The authority will plan and distribute these acres among housing associations, which will implement housing projects in order to provide housing units for their members.

“364 cooperative housing associations made reservations for lands in New Cairo. The GACHC chose only 241 to partake in the draw after studying the seriousness of their intent to implement the project, and reviewing their financial, administrative and legal status,” said Rizk.

Rizk pointed out that cooperative housing units have access to receiving a cooperative loan of EGP 50,000 for each housing unit, with a 5% interest rate, to be repaid over 20 years, with the condition that the unit does not exceed 115 square metres.

He went on to say that the upcoming draw will be held to allocate lands in the remaining cities, including the 15th of May City, 10th of Ramadan City, New Damietta, New Borg El Arab, New Minya, New Assiut, New Sohag, New Tiba and New Aswan, after reviewing the status of the housing associations.

Vice President of Ramses Cooperative Housing Association Susan Sami said that this draw is very important for housing associations, as they will receive support from the government, and as such can benefit those who deserve these units as a step towards solving the housing crisis and reducing informal housing settlements.

However, Sami added: “GACHC did not inform all the association with enough time in advance of submitting the bid requirements, and they did not participate in the draw because of changes in the Board of Directors.”

 

https://www.dailynewsegypt.com/2014/11/25/first-draw-kind-allocate-lands-housing-associations-gachc/
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