IMPROVEMENT OF STATE MORTGAGE HOUSING DEVELOPMENT PROGRAMS IN UKRAINE
DOI:
https://doi.org/10.32070/ec.v9i40.27Keywords:
mortgage lending, state programs, refinancing, building sluices State Mortgage InstitutionAbstract
The article clarifies that the evolution of the mortgage housing market in Ukraine is complicated by the lack of relevant market mechanisms. Therefore, the formation of a residential mortgage exclusively under the conditions of a free market is related to the risks of uneven development of both the mortgage housing market and its related elements. In order to avoid deformations in the formation of the relevant markets, ensuring their comprehensive accelerated development, a number of incentive measures should be applied by the government. The government-sponsored mortgage lending programs have been analyzed. The positive influence of these programs on the activation of housing construction, stimulation of economic development and satisfaction of households’ needs have been established, as well as deficiencies in their implementation. It was found out that the excessive number of government-sponsored housing promotion programs diffuses a limited financial resource of the government and causes their chronic underfunding. It is proposed to abandon the implementation of a large number of government-sponsored programs, assigned between the various departments, which are aimed at stimulating the development of the national mortgage housing market, in favor of one or two, but fully funded. This article defines the government support for the functioning of construction and savings companies as a priority mechanism for stimulating the development of the residential mortgage market in order to develop the most effective ways to stimulate the development of the mortgage housing market in Ukraine. We have paid much attention to the necessity of government support for the construction of social housing by means of public-private partnership activation. In addition, we have substantiated the reasonability of the development of state institutions operating in the market environment and capable of implementing the relevant social and economic tasks aimed at reducing the cost of residential mortgages for the end users.
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