"150,000 families will be included in affordable housing"
Minister of Labor and Social Security L. Enkh-Amgalan provided an update on the Ministry's upcoming projects and budget, highlighting plans to direct savings from the Social Security Fund toward housing loans. He also announced the launch of an affordable housing program aimed at young families.
"Our ministry is now responsible for managing the Savings Fund, with its primary focus on housing. The Government of Mongolia has set an ambitious target to build 150,000 affordable housing units over the next four years. Currently, 20,000 households purchase homes annually in Mongolia, with 6,000 relying on subsidized mortgage loans. A total of MNT 1.1 trillion is allocated for housing loans, and starting next year, we plan to inject MNT 500-600 billion into the mortgage market. This funding will be directed toward specific groups, including newly married couples, first-time home buyers, citizens constructing private homes in the ger district, and public servants. Our goal is to provide affordable housing for 150,000 households from these target groups. In a recent government meeting, the National Housing Committee was established, led by the Prime Minister. I will serve as the deputy head. Beginning next spring, we aim to roll out this comprehensive housing program, focusing on first-time home buyers," he said.