Government Encourages Developers to Build Affordable Housing

• 13 June 2018
• Local News
• 1827 Views

H.E Vongsey Vissoth, at the meeting

To help improve the lifestyles of average citizens, the Government of Cambodia and the Ministry of Economy and Finance is working on a new regulation to encourage private developers to include affordable housing with low interest rates as 30 percent of their projects.

“The government is working on the new policy for affordable housing development in order to lure investment from the private sector,” H.E. Vongsey Vissoth, secretary of state of the ministry of economy and finance said in a meeting 10 June at the ministry.

According to the secretary of state, the ministry is currently working with private investors to build affordable residences without paying tax on construction, construction fees and service payments as well cooperating on the construction of infrastructure with tax-free charges.

“In return, project developers must build the affordable houses for people and declare the project to customers of its affordability and low-rate loan payment,”explained H.E Vongsey Vosth, adding that the policy is not only help to make affordable housing available, but also help reduce the rate of loan payments.