Financing For Home Is On Its Way For Low Income Residents

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The Ministry of Environment and Urban Planning, Finance, Housing Development Administration (TOKİ) has begun to work in many cities, especially in Istanbul, to make housing for low-income residents. Prioritization legislation will be made to lend social and rental housing projects. Supporting mechanisms and financing models are being developed for the banks' projects for narrow income.

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Minister of Environment and Urbanism Mehmet Özhaseki noted that TOKİ did not think of a way of getting a right to use or a lease by stating that the residences produced by TOKİ were offered with 10 percent advance payment in the long term (10, 15, 20 years) and low installments such as renting to house buyers . Minister Özhaseki said, "The project and the sale has been completed." Most of the residences in stocks are residences that are kept under the protocols of the urban transformation or the public institutions ", he said, as well as the beginning of the construction of the residential projects that were tendered by TOKİ.

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According to the law, housing and work places to be allocated to narrow income can be given through debiting. In the coming period, it is planned that this practice will be implemented for citizens who are in risky areas but do not have a title. The Ministry of Environment and Urban Planning aims to demolish at least 500 thousand independent units annually and enter into urban transformation. It is planned that 200 thousand of the projects will be done in Istanbul and 300 thousand in other cities. In the upcoming period, new reserve areas to be used in the conversion process will be determined.

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