Changing priorities in state financial support for housing policy programs
This paper considers the Russian residential construction market in 2015-2016 and analyzes the major changes in state policy of financing socially significant housing projects based on funding alternatives. Traditional funding, as a rule, is limited to shared participation agreements which are subject to harsh legislative restrictions for developers taking effect in 2017. In the conditions of decreased state funding for residential construction, it is necessary to consider its alternatives, which includes direct and indirect funding (housing vouchers emission and emission of single-tranche mortgage housing obligations, respectively). The first scheme implies direct funding of construction with attracted savings of households, while the latter one suggests funding of residential construction via bank mortgages.