Regulatory Alerts2008-01-01
Prime Minister's Decree No. 1864 of 2008 Amending Some Provisions of the Executive Regulations of the Mortgage Financing Law
Prime Minister Ahmed Nazif issued Decree No. 1864 of 2008 to amend Article 6 of the Executive Regulations of the Mortgage Financing Law. The amendment redefines a qualifying investor for mortgage financing support as any individual with an annual income below 21,000 Egyptian pounds, or 30,000 pounds when including a spouse and minor children. It further mandates that priority for economic housing subsidies be strictly reserved for lower-income applicants who have not previously received cash assistance and do not currently own residential property.
Prime Minister's Decree No. 1864 of 2008 Amending Some Provisions of the Executive Regulations of the Mortgage Financing Law
Prime Minister Having reviewed the Constitution, and the Mortgage Financing Law issued by Law No. 148 of 2001, and Presidential Decree No. 231 of 2004 organizing the Ministry of Investment, and the Executive Regulations of the Mortgage Financing Law issued by Prime Minister's Decree No. 1 of 2001, and Prime Minister's Decree No. 465 of 2005 amending the Executive Regulations of the Mortgage Financing Law, and based on the proposal submitted by the Minister of Investment,
Decided ( Article One ) The following text shall replace Article 6 of the Executive Regulations of the Mortgage Financing Law issued by Prime Minister's Decree No. 1 of 2001, as amended by Decree No. 465 of 2005: - "The investor benefiting from the application of the provisions of Article 35 of the Mortgage Financing Law and these Regulations refers to any person whose total annual income is less than twenty-one thousand pounds, or thirty thousand pounds for the individual, spouse, and minor children. Priority in providing support to obtain an economic housing unit shall be given to the lower-income investor who has not previously received cash support and who does not own a residential unit."
( Article Two ) This Decree shall be published in the Official Gazette and shall take effect from the day following its publication date. Prime Minister ( Dr. Ahmed Nazif )
Issued at the Prime Minister's Office on 7 Rajab 1429 AH Corresponding to 10 July 2008 AD