10 thousand families with children received housing assistance in Armenia
Assistance to families with children in Armenia
The Armenian government will allocate an additional 600 million drams ($1.6 million) to continue the housing support program for families with minors. Under this initiative, the state provides financial assistance to those who have taken out a mortgage to purchase an apartment or build an individual house.
The program was launched in 2020 and initially ran for 3 years. Due to its effectiveness and demand, it was extended for another 2 years at the beginning of 2024.
“Since the program’s inception up to now, it has benefited 10 thousand people, with approximately 7 billion drams [more than 18 million dollars] already disbursed,” stated Narek Mkrtchyan, Minister of Labor and Social Affairs.
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Payment pending for 600 applications
According to the minister, 290 new applications have already been approved, while 300 are being processed.
Speaking about the program’s popularity, Narek Mkrtchyan emphasized that a large number of families have applied for assistance over the years, and the demand has been increasing annually. As proof, he provided the following figures:
“In 2023, 827 beneficiaries received support under the project, totaling approximately 552 million drams [$1.4 million]. It turns out that the number of beneficiaries has increased so much this year that in just one quarter of 2024, the government will spend more money than was disbursed in the entire year of 2023.”
Components of the program: Who gets what
The housing support program for families with children in Armenia from 2024 to 2026 includes two components. One-time financial assistance will be provided:
For the purchase of an apartment or construction of an individual house in regions via a mortgage loan, if a child is born into the family paying the mortgage.
Families with at least two minors can utilize the first component of the program. Beneficiaries must provide documents proving they obtained a mortgage after January 1, 2024. An essential condition is that the family does not own other property. Additionally, the cost of the apartment or house should not exceed 35 million drams [$91,000].
If the family has two children, the state will provide up to 1 million drams [$2,597]. For three children, up to 1.5 million drams [$3,896], and for four or more children, up to 2 million drams [$5,194].
For families who have been making mortgage payments for at least 12 months without exceeding a 30-day payment delay.
Families must submit documents showing their mortgage payments and apply for assistance before the child turns 1 year old. Again, the cost of the house should not exceed 35 million drams, and beneficiaries must not possess other housing.
Upon the birth of the first or second child, up to 500,000 drams [$1,298] of the mortgage principal will be repaid.
For the third child and subsequent children, up to 2 million drams [$5,194] will be covered.
“In cases where a citizen purchases an apartment or builds an individual house in a border village or rural settlement where schools or kindergartens are being constructed, the support amount will increase by 50 percent,” stated the Ministry of Labor and Social Affairs.
Assistance to families with children in Armenia
