Increasing the subsidy beneficiaries' monthly income threshold to LE 1750 for the single and LE 2500 for the married to face the real estate price hikes.

MFA Chairman, Osama Saleh, announced increasing the threshold of the GSF beneficiaries' income to become LE 1750 for the single instead of LE 1000 and LE. 2500 for the married or with dependants instead of LE 1500 in order to broaden the beneficiaries' base.

He ascertained that the GSF plan for the forthcoming phase targets increasing the number of subsidy beneficiaries countrywide, the matter that encouraged the GSF board to decide increasing the above threshold in order to face the real estate price hikes and the extensive financial burdens incurred by people to purchase a residence.

The GSF role is not confined to providing cash subsidy to people, but setting policies required for guaranteeing and subsidizing mortgage finance to comply with the law provisions. On the other hand, the government shall deliver free lands for constructing economy houses supplied with public utilities against paying half the actual cost. GSF coordinates with MFA and NUCA to construct economy houses for low-income earners pursuant to the volume of demand and available resources.

GSF is developing application forms to be used by the low-income earners who seek subsidy according to the criteria set forth in the executive regulations, with considering the subsidy percentage and the contracting process with the beneficiary, in addition to receiving forms for guaranteeing payment of the mortgage installments for the insolvents, not exceeding three installments. Finally, GSF is developing a business database.