Development of financial infrastructure for affordable housing in Russia
The article analyzes the financial infrastructure of affordable housing in Russia. According to the Financial Institute for the development of housing «JSC BUILDING. Of the Russian Federation» at the end of may 2020 fifteen major banks received more than 120 thousand applications, of which 81.9 thousand applications were approved (68%), while only 22.8 thousand loans (19%) were issued for 57.5 billion rubles, which is 6.4% of the planned indicators of the preferential mortgage Program (900.0 billion rubles). The government has achieved the scale of client activity with affordable financial instruments and increased offers on the real estate market by increasing the volume of housing construction, but unexpectedly met with the unwillingness of financial institutions (banks, financial intermediaries) to provide consumers with affordable apartments. The reason is that financial instruments for housing affordability are not developed in Russia, and it is difficult to solve the housing issue with a single program of preferential mortgages.