Ensuring Affordable Housing: Poland’s New Initiative for First-Time Homebuyers

    Amidst growing demand and budget constraints, Poland’s government is reshaping its housing support program for 2024. The existing 2% secure loan, exhausted due to overwhelming interest, will be replaced by a more inclusive and targeted scheme.

    A Shift in Housing Assistance

    In response to the depletion of the statutory funding limit for 2023-2024, the Ministry of Development and Technology is diligently crafting a revamped support formula. The goal is to make the new instrument appealing to lower-income families while curbing misuse by those eligible for standard market loans.

    Managing Demand and Market Impact

    Legislated spending limits for the 2% secure loan envisioned aiding around 50,000 borrowers; however, by December 21, 2023, approximately 55,800 contracts were signed, exhausting the allocated funds. As a result, banks will cease accepting new applications, with all submissions until the year-end undergoing due diligence.

    Swift Legislative Action for 2024

    Given the overwhelming interest, the government aims for a prompt legislative process with essential public consultations. The new program format will be unveiled early in 2024, fostering affordable homeownership while mitigating market pressures.

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