July 1, 2015

On July 13, 2015, a Federal law was enacted which established a single development institute for the housing sector with the following functions:

• facilitation of development of housing construction and housing mortgage lending, including the promotion of economy class housing, rental houses; 
• promotion of the development of the mortgage-backed securities and other finance instruments, and an increase of their liquidity;
• cooperation with state and municipal bodies in the realization of state and (or) municipal programs in the housing sphere;
• provision of assistance in the development of land including creating a framework for land improvement, creation of industrial parks, technoparks, business-incubators;
• provision of assistance in the creation of engineering, social and transport infrastructure for land development for residential and other construction;
• promotion of development and introduction of modern, energy-effective, environmentally clean technologies and materials, creation of conditions for their use in housing construction, including for capital repairs of multifamily apartment blocks, as well as use of such materials and technologies for the sake of modernization of social and transport infrastructure and systems of communal infrastructure;
• mitigating risks arising in housing construction, mortgage and mortgage-backed securities markets.

The Housing Institute, a joint-stock-company, is a consolidation of different functions in the Agency for Housing Mortgage Lending (AHML). The new institute will be entrusted with managerial functions regarding the Russian Housing and Development Foundation, non-profit organizations and subsidiary companies including credit institutions.

The Housing Institute will support the entire housing supply chain: from the provision of land resources for housing construction to the demand support for housing. Moreover, the institute will become the main driver of the Russian Family Housing program and the development of rental housing.