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Ukraine's Cabinet of Ministers has approved a state goal-oriented social and economic program for the construction (purchase) of affordable housing for 2010-2017. Ukraine's Cabinet of Ministers has approved a state goal-oriented social and economic program for the construction (purchase) of affordable housing for 2010-2017, which foresees the construction of 16.6 million square meters of housing for 265,800 families.

The program is set out in cabinet resolution No. 1249 dated Nov. 11, 2009.

According to the document, Hr 88.499 billion (the sum does not take into account the inflation rate) is needed to implement the program. In particular, the amount needed for 2010 is Hr 1.087 billion, for 2011 Hr 4.216 billion, for 2012 Hr 7.845 billion, for 2013 Hr 9.117 billion, for 2014 Hr 11.824 billion, for 2015 Hr 15.433 billion, for, 2016 Hr 17.814 billion, and for 2017 Hr 21.163 billion.

As a whole, Hr 23.234 billion will be sent to implement the state program, Hr 5.443 billion from local budget and the rest of funds from other sources.

The program will be realized in three stages.

The first stage (2010-2011) foresees the drawing up of legal acts on the introduction of a financial and investment mechanism for state support of construction of affordable housing, testing of mechanisms for financing of affordable housing construction, measures on overcoming aftermath of global financial turmoil in the housing construction sector.

The second stage (2012-2014) foresees the introduction of a mechanism for target allocation of land plots and planning of territories for construction of affordable housing, reconstruction of houses, uninhabitable buildings in the management of the Defense Ministry and Interior Ministry, upgrade of municipal infrastructure objects and construction of affordable housing.

The third (2015-2017) stage foresees the introduction of a new financial and investment mechanism for state support of affordable housing construction.

According to the document, the Regional Development and Construction Ministry is to foresee funds for the implementation of the program during drawing up of a draft national budget for next year.

In addition, the cabinet obliged the Crimean council of minister, Kyiv city state administration and Sevastopol city state administration to draw up and approve regional programs for construction (purchase) affordable housing for 2010-2017.

The cabinet also recommended local self-governing bodies to allocate land plots to constructors to build affordable housing

The Regional Development and Construction Ministry is to submit a report on the implementation of the program by March 15 every year.