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LAW OF THE KYRGYZ REPUBLIC

of May 4, 2017 No. 73

About the state mortgage housing lending

(as amended of the Law of the Kyrgyz Republic of 09.08.2021 No. 95)

Accepted by Jogorku Kenesh of the Kyrgyz Republic on March 30, 2017

Article 1. Regulation subject

This Law establishes the legal basis on realization of single state policy in the sphere of providing citizens with affordable housing and is aimed at providing conditions for implementation by citizens of the right to housing, realization of the rights of citizens to improvement of housing conditions and development of housing construction in the Kyrgyz Republic.

Article 2. Terms and determinations

For the purposes of this Law the following terms and determinations are used:

1) premises - separate unit of housing stock (the individual apartment house; part of the individual apartment house; the apartment in the apartment house), intended and used for permanent residence, answering to the established technical, health and other mandatory requirements established by the legislation of the Kyrgyz Republic;

2) the program of the state mortgage housing lending - the regulating document developed and realized by the Government of the Kyrgyz Republic which purpose is creation in all territory of the Kyrgyz Republic of effectively working system of the state mortgage housing lending for improvement of housing conditions of the population at the expense of own means of citizens and long-term mortgage loans;

3) authorized body in the sphere of mortgage housing lending - the legal entity formed in the form of open joint stock company one of objects of activity of which is implementation of the state housing programmes;

4) investment money - the means provided to financial credit institutes for issue of the public mortgage loans to citizens of the Kyrgyz Republic on acquisition or construction of premises;

5) the participant - the citizen of the Kyrgyz Republic who is taking part in mortgage housing lending;

6) affordable housing - housing acquired by citizens of the Kyrgyz Republic within the state housing programmes;

7) the public mortgage loan - the long-term loan with the state support granted to citizens of the Kyrgyz Republic by financial credit institutes at the expense of investment money on the security of acquired premises within housing state programs. The purpose-oriented loans obtained by citizens of the Kyrgyz Republic in national currency belong to the public mortgage loans on acquisition or construction of premises;

8) housing stock of authorized body - set of the premises which are property of body;

9) housing of economy class - the premises answering to the criteria provided in the programs approved by the Government of the Kyrgyz Republic;

10) base rate - the cumulative interest rate for the public mortgage loan including the cost of the attracted money resources the interest paid to commercial banks for risk of nonpayment on the credits which banks undertake the cost of resources of authorized body;

11) Ceased to be valid according to the Law of the Kyrgyz Republic of 09.08.2021 No. 95

Article 3. Sphere of regulation of this Law

This Law governs the relations arising in the sphere of providing citizens with affordable housing in which citizens, state bodies of the executive authority, local government bodies, financial credit institutes, individual entrepreneurs, and also other legal entities participate.

Article 4. Legislation on the state mortgage housing lending

The legislation on the state mortgage housing lending is based on the Constitution of the Kyrgyz Republic and consists of the Housing code of the Kyrgyz Republic, the Civil code of the Kyrgyz Republic, the Law of the Kyrgyz Republic "About pledge", this Law and other regulatory legal acts of the Kyrgyz Republic.

Article 5. Purposes and tasks of this Law

1. The purposes of this Law are:

1) implementation of the right of citizens to the dwelling;

2) providing citizens with affordable housing by satisfaction of their needs for premises;

3) realization and implementation of programs of preferential mortgage lending;

4) increase in availability of mortgage loans to citizens;

5) development of housing construction;

6) state support in implementation of the state housing programmes;

7) availability of information on the rights of citizens to housing;

8) ensuring participation of citizens in all decision making processes which exert impact on realization of the right of citizens on the dwelling.

2. Goal achievement, determined by this Law, is provided for the realization account of the following tasks:

1) creating favorable conditions for development of mortgage lending;

2) establishment of interest rate for soft mortgage loan;

3) development of system of long-term mortgage lending;

4) development of models of the state support in improvement of housing conditions of citizens;

5) development and realization of the mechanism of the state support in improvement of housing conditions of citizens;

6) attraction of financial resources for long-term mortgage lending to the housing sphere;

7) construction of premises in all regions of the country using modern materials and implementation of new technologies;

8) development and growth in volumes of mortgage housing construction, housing of economy class;

9) projects implementation of construction of premises with use of the mechanism of public-private partnership;

10) the organization of information support about conditions of available mortgage lending;

11) expansion of activities of financial credit institutes in the real estate market in the housing sphere, including activities for provision of mortgage loans, their servicing, financing and refinancing;

12) improvement of housing conditions of citizens of the Kyrgyz Republic;

13) providing parcels of land with engineering and road infrastructure;

14) projects implementation of construction of premises of economy class.

Article 6. State support of mortgage housing lending and housing construction

1. The government of the Kyrgyz Republic gives the state support to mortgage housing lending by realization and implementation of programs of preferential mortgage lending in accordance with the established procedure.

2. The government of the Kyrgyz Republic for the purpose of program implementation on providing citizens with affordable housing provides the state financial support to mortgage housing lending and housing construction.

3. The state financial support of mortgage lending and housing construction is provided for the account:

1) means republican and local budgets;

2) other means which are not forbidden by the legislation of the Kyrgyz Republic.

4. Release and the circulation of the mortgage securities provided with mortgage covering are performed with the state support.

5. Authorized state bodies, local government bodies of the Kyrgyz Republic participate in the state mortgage housing lending in the following forms:

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