Armenia plans AMD 1 mln mortgage assistance for each child born

The Armenian government plans to set mortgage repayment assistance provided upon the birth of a child at AMD 1 million ($2,760), regardless of the child’s birth order or the outstanding balance of the mortgage loan, under proposed changes to the housing support program for families with children.

Minister of Labor and Welfare Arsen Torosyan announced the proposed changes at the October 8 Cabinet meeting while presenting measures to ensure the continuation of the program.

“We are setting the amount of assistance at AMD 1 million, regardless of the child’s birth order and the outstanding balance of the mortgage loan,” Torosyan said.

According to the minister, it is also proposed to raise the maximum property price from the current AMD 35 million to AMD 40 million.

The draft also proposes tightening the requirement that applicants not own other residential property by taking into account property sold during the previous 12 months.

Torosyan said it is proposed not to continue the program’s separate regional component. He stressed that the proposed assistance provided upon the birth of a child would apply to all communities, including communities outside Yerevan.

“What I am saying applies to all communities, including those outside Yerevan,” Torosyan clarified.

He said the participation in the separate regional component had been low, with a significant share of applicants concentrated in communities in Kotayk Province close to Yerevan. In the minister’s assessment, the component had not achieved the expected decentralization toward more remote regions.

Torosyan said the draft is currently in circulation and has been submitted for public discussion. The final version will be developed after the feedback received during the public consultation. It is planned to adopt the draft by the end of the year to ensure the continuation of the existing program.