The Cabinet, chaired by Dr. Mostafa Madbouly, approved a number of new decisions aimed at supporting the housing sector, boosting industry, and maximizing the use of scientific resources.
The decisions included offering housing units under a rent-to-own system, establishing a fund to restructure distressed factories, and taking new steps to develop the textile industry.
5,000 Rent-to-Own Units
The Cabinet approved the Ministry of Housing, Utilities, and Urban Communities, represented by the New Urban Communities Authority, offering 5,000 housing units under a rent-to-own system.
The offering will be based on proposed terms and regulations covering application criteria; income limits; payment mechanisms for the unit; maintenance deposits; as well as procedures for allocation, rental payments, and service costs.
Private-Sector Units Under Housing for All Egyptians
The Cabinet also approved decisions by the Social Housing and Mortgage Finance Fund concerning the availability of ready-to-move-in housing units owned by private-sector companies under the “Housing for All Egyptians” program for low- and middle-income citizens.
The regulations include setting maximum prices for the units and signing cooperation protocols with companies wishing to participate while complying with the program’s conditions and approved cash-support limits.