| 03 Feb 2010 |
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New scheme to widen reach of Decent Housing initiative
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AMMAN (JT) - The Ministry of Public Works and HousingMinistry of Public Works and Housing
on Tuesday announced a plan to make it easier for citizens to purchase residential units under the "Decent Housing for Decent Living" initiative.Under the plan, the pay-back period for loans taken to purchase houses built as part of the scheme will be extended from 20 to 30 years, while the maximum age of beneficiaries will be increased from 60 to 70 years old, Minister of Public Works and Housing Mohammad Obeidat said in a press conference yesterday.
The minister said the government is looking for new financing mechanisms from local banks, noting that it is keen on reducing interest rates on loans taken to purchase houses under the initiative.
Obeidat added that the plan includes a marketing campaign for housing units that have been already built, noting that about 4,000 units have been constructed, with another 4,000 units expected to be completed by September.
The housing units will be built according to new designs in order to increase their overall size, he said.
The nearly JD5 billion scheme, launched by His Majesty King Abdullah in 2008, seeks to provide housing for thousands of low- and limited-income Jordanians, civil servants, Jordan Armed Forces personnel and civil and military retirees.
© Jordan Times 2010
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