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The government continues its efforts to implement state programs of affordable housing and to provide financial assistance to developers. Thus, the residential complex "Sophia Kievskaya" (Kyiv region) has joined another state program for affordable housing. First three buildings of the complex were constructed at the cost of the State Mortgage Institution (SMI). In July 2013 the agency provided 70 million UAH to complete the construction. These funds helped the company finish utility systems and complete exterior finish on schedule, the Information-Analytical Bulletin of the cabinet of Ministers of Ukraine informs.
According to experts, by helping developers the state encourages investors to finance housing at the construction stage. "Participation in state programs allows developers to fulfill their obligations to investors and retain jobs. After the economic crisis, the investors’ trust in financing of the construction has declined, but the state programs restore developers’ credibility. The state does not leave the construction industry alone with problems, and helps solve very important economic and social issues," Ihor Kovalchuk, director of the developer company, said.
The State Mortgage Institution has successfully financed completion of the residential building. As a part of this program, SMI has funded the completion of 35 residential buildings across Ukraine. That allows to commission 700,000 square meters of housing, which is over 10,000 apartments throughout the country.
After the simplification of procedures for obtaining construction authorization, Ukraine has moved up in the World Bank DoingBusinees 2013 rating by 145 positions, from 186th to 41th place. By harmonization of Ukrainian norms and standards with the EU, it has become possible to switch from authorization to a declarative construction approach. That is a prerequisite to increase the construction volumes in Ukraine.
As government analysts note, several government programs of affordable housing stimulate the development of construction industry. One job in the construction industry creates five more in the associated ones. From January to September of 2013, the volumes of new housing construction grew by 19.1%.