Dr. Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Support Fund, revealed details of the offering of 20,000 new housing units, saying: “The offering is divided into 5,000 units under a rent-to-own system through the New Urban Communities Authority, and 15,000 rental units through the Social Housing Fund, with beneficiaries given the option to purchase the units at a later stage.”

Dr. Mai Abdel Hamid added, during a phone interview with media personality Dina Esmat on the “Masaa DMC” program, broadcast on the DMC channel, that the units to be offered by the fund will be fully finished and ready for occupancy, with areas of 75 and 90 square meters. She noted: “The beneficiary will be able to receive the unit immediately after fulfilling the requirements and completing the screening and background checks.”

She pointed out that the rental value will be determined according to the beneficiary’s income, representing around 25% of the total monthly income. She confirmed that the minimum and maximum income limits, along with the remaining regulations, will be announced in detail in the terms and conditions booklet expected to be released by the end of this month.

She added: “The terms and conditions booklet will also include age and eligibility requirements. The maximum age will be 35, with exceptions for some tenants under the old rent system who wish to move to new units, in addition to requiring that applicants have not previously benefited from housing projects or own a housing unit, to ensure that support reaches those who are eligible.”

She continued: “Those who wish to purchase the unit after regularly paying rent for a period of time will be able to do so, with part of the amounts paid as rent being counted toward the unit’s purchase price at the time of ownership.”