Engineer Mai Abdel Hamid, executive director of the Social Housing and Mortgage Finance Support Fund, stated that the coming period will involve work on a legislative amendment for the fund aimed at strengthening its financial resources. This is intended to reduce reliance on borrowing and ease the interest burden on the state budget, while ensuring that citizens are not subjected to any additional financial load.
She explained that the Fund has an important upcoming responsibility related to providing alternative housing for those affected by the old rent system. These housing units will be offered over a period of up to six and a half years, according to each case’s social conditions, age, and financial capability, whether through ownership, rental, or rent-to-own models.
Abdel Hamid linked the draft legislation—currently under review at the Ministry of Justice—to the old rent file, noting that assigning the fund the responsibility of alternative housing for old rent units requires embedding sufficient resources within the law to enable implementation. Otherwise, the project would necessitate borrowing if executed as an independent initiative.
Responding to MPs’ inquiries regarding her official mandate, Mai Abdel Hamid clarified that she was assigned by a Prime Ministerial decree to study alternatives and set priorities. She stressed, however, the importance of legislative backing on the funding side, pointing out that the fund operates on a fully self-financed basis to serve citizens.
She also highlighted that the cost of a housing unit has risen significantly to around EGP 1 million today, compared to approximately EGP 100,000 at the start of the program, creating a widening financing gap. This, she said, makes securing additional resources essential to ensure sustainability, calling on Parliament to support the upcoming legislation.
She further noted that registration for applicants seeking alternative housing units is currently open, with around 93,000 citizens having already applied through the electronic platform.
Abdel Hamid added that alternative housing does not depend solely on building new units but also includes inventorying available units across different state entities, in addition to coordinating with the Ministry of Local Development to survey available land within governorates.
She pointed out that demand is expected to be heavily concentrated in major governorates such as Cairo, Giza, and Alexandria, which poses a challenge in land availability. However, new cities are considered an important alternative and are witnessing increasing demand from citizens.
In the same context, she emphasized the importance of strengthening resources to maintain current implementation rates and prevent the re-emergence of informal settlements.
She confirmed that this approach aims to ensure uninterrupted project financing while maintaining focus on low- and middle-income groups. She noted that around 1.04 million housing units have been developed so far, of which approximately 809,000 units have been allocated, with additional units currently under allocation, alongside 200,000 units still under construction.
MP Amin Massoud, Deputy Chairman of the Housing Committee, praised the state’s efforts in the social housing sector, stressing that they have contributed to reducing informal settlements and preventing the formation of unsafe areas. He also highlighted the need to provide suitable alternatives for old rent tenants while preserving citizens’ connection to their places of residence.
Meanwhile, MP Ahmed Shalaby, chairman of the Housing Committee, suggested alternative solutions based on subsidizing the rent gap within existing residential areas, alongside allocating a dedicated budget line for rent support within the state budget. He emphasized that solutions should not be limited to new construction but should also include assistance for citizens unable to afford ownership.
In response, Mai Abdel Hamid said: “Next time, I will present the statistics. There are many individuals over 60 years old, so there will be multiple alternatives, including state-supported rent. In all cases, property owners will see an increase in the market value of their units. Ultimately, we will work together to find flexible solutions for different cases.”