ECC approves cost subsidy mechanism for low-cost housing scheme

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved revised eligibility criteria and payment mechanism for cost subsidy against 100,000 housing units to be constructed during phase-I by the end of this year, ARY News reported.

During the meeting, Naya Pakistan Housing and Development Authority (NAPHDA) chairman presented revised eligibility criteria for selection of applicants, modalities for payment of cost subsidy and mechanism for release of funds with reference to the special incentive package for the housing and construction sector.

After due deliberation, the committee approved the stipulated eligibility criteria and payment mechanism. The committee urged NAPHDA to facilitate access to housing finance at affordable rates for expanding housing ownership in accordance with the vision of the Prime Minister, enabling low-to-middle income groups to avail low-cost housing facilities according to their affordability.

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The ECC considered and approved another summary by the Naya Pakistan Housing and Development Authority (NAPHDA) seeking permission to enter into negotiated procurement agreements for the construction of low-cost housing through public-private partnerships (PPPs).

Meanwhile, in a bid to avoid any shortage of wheat in the country, the ECC approved the import of 300,000 metric tons of the commodity.

The meeting also approved the government’s sovereign guarantee against a financing facility of 15.25 billion rupees from local banks for the evacuation of power from Thar Coal Based Project.

The ECC approved technical supplementary grants worth over 737 million rupees for various projects, including 61 million rupees for the feasibility study for a new rail link between Peshawar to Jalalabad through Loi Shalman valley.

The committee also approved 29.38 million for Quaid-e-Azam Academy Karachi, 413.77 million for renewal of lease of Pakistan Quarters Karachi and 233.443 million rupees for E-Procurement System.