Housing Guarantee Fund:
Housing Guarantee Fund JSC has ceased its activities by joining Kazakhstan Mortgage Company MO JSC.
Thus, all functions of the Fund to provide guarantees for the completion of shared-equity construction were transferred to the Kazakhstan Mortgage Company.
Establishment of a Single Housing Construction Operator is at the final stage. It is planned to change its name to Kazakhstan Housing Company.
The functions of the Damu Entrepreneurship Development Fund on developers subsidizing will also be transferred to KMC.
Single Operator will work exclusively with private developers and local executive authorities to build affordable housing using such tools as:
1) financing of housing construction through mechanisms of redemption of bonds of Akimats;
2) providing guarantees for the completion of shared-equity construction;
3) subsidizing commercial loans from private developers;
4) lending to authorize.organizations under Akimats, as well as legal entities engaged in housing construction within the framework of state programs;
5) financing and implementation of investment projects;
6) conducting analytical research on housing construction issues;
7) mortgage activity based on the license of the authorized body;
8) development of strategic IT initiatives for construction of affordable housing.
Housing Guarantee Fund JSC is a subsidiary of Baiterek Holding, which is optimizing its housing block on behalf of the Head of State Kassym-Jomart Tokayev.
By optimizing operations and eliminating duplicate functions, general administrative expenses will be reduced by 40%, or KZT 3.4 bln. The number of employees will be reduced by 32% or 101 units, including the management level.