ArmInfo. The Armenian Ministry of Defense is proposing to expand subsidized housing purchase options for graduates of military academies. The corresponding decision was made at a government meeting on February 5. Thus, service members who transfer to the Ministry of Defense or the NSS Border Troops after graduating from a military academy will be issued a housing certificate fully covering their mortgage with interest up to 35 million drams (just over $91,000).
According to Deputy Defense Minister Hrachya Sargsyan, the targeted mortgage lending program for military officers who enrolled in the 2022-23 academic year, who have signed a contract for training and postgraduate military service at a military academy, who have graduated from a military academy, and who are appointed to an officer position in the Ministry of Defense or the National Security Service of the Border Troops, within the framework of the housing provision provided by law, will allow these military officers to purchase an apartment or a residential building with ownership rights, fully financed from the state budget. The loan, down payment, principal, and interest will be fully repaid from the state budget. To ensure the aforementioned process, the RA Government's decree of October 27, 2022, establishing the procedure for allocating apartments, stipulated that the specified service members would be provided with three-room, ready-to-use service apartments with a total area of 75-80 square meters in Yerevan, with the right to free use, by drawing lots. The acquisition of these apartments would be carried out by the RA Ministry of Defense in accordance with the requirements of RA procurement legislation.
However, developments in the housing market in recent years, as well as discussions with construction companies, have clearly revealed numerous issues related to both supply and demand, as well as the prices of ready-to-use apartments, making it virtually impossible and economically impractical to implement the process according to the established procedure. Furthermore, a more in-depth study revealed that certain problems would also arise in the distribution of apartments acquired in different districts of Yerevan, even if this were done by drawing lots. In this regard, the Ministry of Defense is expanding the program, giving citizens the opportunity to choose both their apartment and its location (both in Yerevan and in the regions, on the primary or secondary market).
"Ownership rights will be granted, but they must have served at least 20 years (including their studies). The available value of the certificate is 35 million drams," the deputy minister explained.
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