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Mortgage Finance Fund approves EGP 42bn budget for FY 2021/22 - Daily News Egypt

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Mortgage Finance Fund approves EGP 42bn budget for FY 2021/22

Fund’s board approves guideline for complaints and suggestions which will be published on its website

The Social Housing and Mortgage Finance Fund (SHMFF), chaired by Minister of Housing, Utilities and Urban Communities Assem El Gazzar, has approved its EGP 42bn draft budget for next fiscal year (FY) 2021/22. 

El Gazzar said that the SHMFF has also agreed to allow clients who reserve units within the social housing project to modify the place of their unit from a governorate or a city to another. This is in the case of the housing unit not being available, an inability to build residential units, or a shift in job location.

CEO of SHMFF, May Abdel Hamid, said the decision stipulates that in the event housing units are unavailable, or that housing units cannot be built, requests will be allowed to modify housing unit reservations. This will be applicable to those taking part in the social housing programme for low-income people.

Abdel Hamid added applications to cities in which there are no housing units being constructed will be directed to other cities that have surplus units at the same price, whether within the same governorate, or a neighbouring governorate within a specified period of time. 

Clients who do not apply for a change in the city or area can withdraw their down-payments according to the Fund’s decision No 11/6/2020, dated 22/12/2020.

She elaborated that in the case of changing workplace, all applications for changing the place of reserved units would be accepted unless the client has already received the assigned housing unit. 

In addition to this, the approval of the funding authority is needed to amend the contract in case of contracting, whilst adhering to all conditions and rules of transfer procedures previously approved in this regard. This would be in preparation for presentation to the cabinet.

Abdel Hamid said that the fund’s board has also approved the general administration’s guideline for complaints and suggestions as well as publishing it on the fund’s website. 

She added that the guide clarifies and explains all procedures that must be followed to ensure the improvement of services level and achieve satisfaction of the fund’s clients.

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