Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, reviewed the status of the presidential initiative Housing for All Egyptians in New October City. She revealed that 734,000 units have been completed out of a total target of 1,002,100 units for low-income citizens. Currently, 266,000 units are under construction, while 639,000 units have already been allocated. Additionally, 116,000 units have been offered as part of the Housing for All Egyptians 7 announcement.
Abdel Hamid also provided updates on the middle-income housing segment, noting that the total number of units allocated for this category reaches 33,000 units, with approximately 25,000 currently under construction.
The Housing for All Egyptians initiative also addressed the status of beneficiaries, who now number 643,000. These beneficiaries have received a total financial support of EGP 10.21 billion. The support includes cash grants ranging between EGP 5,000 and EGP 120,000, in addition to mortgage financing with an interest rate of 8% for low-income groups and 12% for middle-income groups.
Furthermore, beneficiaries are exempt from the costs of public utilities and land usufruct fees. The total financing allocated to the initiative has reached EGP 85.48 billion. Abdel Hamid emphasized the initiative’s role in empowering women to own housing units. She also announced the launch of the Housing for All Egyptians 7 phase for middle-income citizens, which includes immediate delivery in three governorates and delivery timelines of 18 to 36 months in other governorates.
