Notably, Article 3 of the draft stipulates the establishment of a National Social Housing Development Fund.
Accordingly, the national social housing development fund is a non-state budget financial fund established by the Government from the state budget and other legal capital sources.
The National Social Housing Development Fund is invested directly to create a social housing fund, manage a social housing fund; support lending interest rates without mortgages; support businesses to invest in building social housing, beneficiaries of social housing policies according to the conditions, content and support level prescribed by competent authorities.
The Government stipulates in detail the establishment, management and use of the National Social Housing Development Fund.
The Ministry of Construction said that the goal of this policy is to increase sustainable and long-term capital for social housing development.
Currently, there are 42 operating funds nationwide, including 40 Development Investment Funds, 1 100% State-owned Company (HFIC), 1 Land Development Fund entrusted to manage the Development Investment Fund (Quang Binh).
The operating model is independent, including a Board of Directors, a Control Board and an operating apparatus, for Ho Chi Minh City State Finance Company (HFIC) operating under the 100% state-owned enterprise model.
Some local development investment funds are also investing in construction and lending for social housing development such as: Ho Chi Minh City Housing Development Fund (operating since 2005) has so far disbursed loans to more than 5,500 low-income people with an amount of about VND 2,800 billion and there are 4 Funds with direct investment activities in social housing: Lao Cai, Thai Binh, Ha Tinh, Dak Lak with a total investment of VND 743 billion and providing 1,345 social housing apartments...
However, these funds are all facing difficulties in operation due to not being granted additional capital, leading to difficulties in providing preferential capital to develop long-term, sustainable social housing.
In addition, there are currently some social housing projects that are still stuck in allocating funds for site clearance, investing in technical infrastructure systems, social infrastructure; supporting social housing projects for rent and lease-purchase; supporting lending interest rates that do not require mortgages.
Therefore, it is necessary to establish a "National Social Housing Development Fund" from the State Budget and other legal capital to solve the above problems and have sustainable, long-term capital for social housing development.
