National Mortgage Company presents new brand of social housing energy efficiency financing program

29.01.2015 18:26
National Mortgage Company presents new brand of social housing energy efficiency financing program

YEREVAN, January 29. /ARKA/. Armenia's National Mortgage Company  (NMC)has presented today the new brand of social housing energy efficiency financing program, “Jerm Ojakh” (Warm Home).

From now  on the program  launched  in April 2014 will be  circulated  under  “Jerm Ojakh”  brand  name  reflecting  its main  goal  to  create  comfort  and warmth  in  each  Armenian house. The logo of “Jerm Ojakh” brand has also been developed to raise public awareness about the program, NMC said in a press release.

It said the main purpose of “Jerm Ojakh” program is to enable low and middle-income households to renovate their  habitation,  improve  living  conditions  and  quality  of  life,  reduce  residential  energy  expenses,  as  well  as  promote  the development of energy-efficient housing stock  in  towns and villages of Armenia.

There are two  categories  of  sub-loans  offered  by  the program: micro  or  small  renovation  loans  (EUR  500  to EUR  4.000,  equivalent AMD) and medium sized loans (EUR 4,001 to EUR 10.000, equivalent AMD) with 11-14% interest  rate,  from  6 months  to  2  years  grace  period  and  the  possibility  of  getting  5-10%  grants  depending  on  the  spending amount for energy efficient renovation and the level of achieved energy efficiency.

The  technical  assistance  of  the  program  is  provided  by Kommunalkredit  Public Consulting GmbH  (KPC),  MicroEnergy  International GmbH  (MEI)  and  the National Social Housing Association of Armenia  (ASBA)  foundation.  The  assistance  project  includes  implementation  of  communication,  marketing  and  awareness- raising activities; transmission of knowledge and capacity building to the partners; administration of the bonus  granting mechanism and monitoring of the program results.

“Jerm  Ojakh”  program  is  implemented  by  the  National Mortgage  Company  with  the  financial  support  of  Agence  Française  de  Développement  (AFD).  The technical assistance component is funded by the EU Neighborhood Investment Facility (NIF). -0-

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