Adopted recommendations for the provision of project housing finance using escrow accounts
The Recommendations on the application form of the developer to the bank for the provision of project financing for housing using escrow accounts and the list of documents for filing an application came into force. The document was developed by the Ministry of Construction of Russia, the Bank of Russia, the Institute for Development in the Housing Sector DOM.RF with the participation of experts and the professional community. The recommendations were prepared on behalf of the President of the Russian Federation to reduce the time frame for providing project financing to developers and to simplify the procedure for its provision. The document supplements the Recommendations issued in April 2019 on defining the procedures for interaction between banks and developers in the transition to project financing of shared housing projects using escrow accounts. The project financing aggregator implemented by DOM.RF has already been upgraded to the recommended application form and is available to all developers working in the Unified Housing Construction Information System. The application is formed in a completely machine-readable format and, if necessary, can be integrated into the internal systems of the bank using a specially developed API service. The amount of information specified in the application takes into account all the information necessary for making a decision about the developer and the construction project. The recommendations are published on the official websites of the Ministry of Construction of Russia, the Bank of Russia and DOM.RF, as well as on the portal of the Unified Information System for Housing Construction Nash.dom.rf.