At the plenary session of the Eastern Economic Forum, President Vladimir Putin announced a series of initiatives to expand the Far Eastern and Arctic Mortgage program.

“I propose using the Far Eastern and Arctic mortgage not only in the primary but also in the secondary housing market. But specifically in those cities where apartment buildings are not yet being built, and where there are simply no offers from developers,” he said.

Vladimir Putin also emphasized the need to broaden eligibility for large families in the region, regardless of the parents’ age.

“I believe it is right to make the Far Eastern and Arctic mortgage available to all families in the region raising three or more children. I emphasize: for all large families, regardless of the parents’ age,” he stressed.

The President also ordered that the program be expanded to cover all employees of state and municipal educational institutions in the Far East and the Arctic.

“All employees of state and municipal educational institutions of the Far East and the Arctic, not only teachers, should have the opportunity to receive a mortgage at a rate of 2 percent. I am asking the Government to make the appropriate amendments to the regulatory framework,” the President summarized.