Economic Coordination Committee backs revision to Naya Pakistan Housing Scheme

Economic Coordination Committee (ECC) has approved revisions made to Naya Pakistan Housing Scheme in cabinet meeting presided by Minister for Finance and Revenue Dr Abdul Hafeez Shaikh.

The minister approved the changes presented in a meeting related to stipulated eligibility criteria, subsidy structure and public-private partnership for Naya Pakistan Housing Programme.

The Naya Pakistan Housing and Development Authority (NAPHDA) chairman presented the proposal incorporating amendments involving eligibility criteria for applicant selection, modalities for payment of cost subsidy and mechanism for release of funds apropos to the scheme announced by the PM last year.

The ECC committee asked NAPHDA to facilitate the low-to-middle income groups in accessing housing finance at affordable rates for increasing housing ownership.

The ECC approved NAPHDA’s summary on stipulated eligibility criteria and payment mechanism for cost subsidy, procurement agreements for construction of low-cost housing units and Mark-up subsidy scheme for housing finance.