The Management and Planning Organization has approved allocation of two trillion rials ($66.7 million at the official exchange rate) for subsidizing housing loans, head of the Urban Development and Revitalization Organization (UDRO) said on Monday. Mohammad Saeid Izadi pointed to UDRO’s recently-signed agreement with Bank Maskan (housing bank) and said the main housing lender would provide 55,000 applicants with special home renovation loans in the second half of this calendar year (started March 21), the MPO website reported. “The approved funds will be injected into the market in accordance with the government’s policy of controlling inflation,” he added. The government has decided to finance the renovation of 300,000 residential units with help from the Central Bank of Iran to stimulate the sagging housing market.
