Bank of Russia releases list of credit cooperatives authorised to work with maternity capital
By releasing this list, the Bank of Russia aims to more effectively protect people against malpractice in the course of housing purchases using maternity (family) capital and prevent the misuse of government funds.
The companies put on the list meet certain eligibility criteria. They are required to have been operating in the market for over three years and submitting their reporting in due time. The proportion of loans issued by these cooperatives over a quarter for housing purchases or construction using maternity capital may not exceed 20% of the total amount over the past four quarters. Beginning on 1 October 2023, this percentage will decrease to 15%, and from 1 January 2024 — to 12.5%.
The comprehensive list of the requirements is provided in the relevant Bank of Russia Ordinance.