The Ministry of construction: Transfer to escrow account will not be transferred for three months

Минстрой: Переход на эскроу-счета не переносится на три месяца

The postponement of the transition to the new system of share building with use of escrow accounts is not expected. This was announced by Deputy head of the Ministry of construction and housing Nikita Stasyshyn, RIA “Novosti”.

Earlier in the media appeared information that the new funding mechanism can lead not July 1 as originally planned, and on 1 Oct.

“From 1 July the citizens’ money will not be involved directly, if you will not give an opinion on the conformity of the developer,” said Staseson.

Under the new rules the money from the sale of apartments will be held in a special escrow accounts. The developer receives access to those funds after transfer of the completed facility to the buyer.

Separately specified, that the number of such accounts from the developer may not exceed the number of available building permits. The change in the system of housing Finance is “mortgage” in the framework of the national project “Housing and the urban environment”.