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Orientation of the founding of the Iraqi Housing Fund
04/08/2011
Allotted 300 billion dinars for the granting of loans to citizens of Baghdad - Muhannad Abdul Wahab is hoped to pass the House of Representatives during the next two weeks a bill Housing Fund of Iraq to enable citizens to secure adequate housing for them. The law includes "the financing of housing projects and enable Iraqis to build or buy housing for them for through the granting of mortgage loans. " Under the law, he established a fund called (Housing Fund of Iraq) is linked to the Ministry of Construction and Housing has the moral personality is represented by Director General of the Fund or his nominee, where the fund's capital is three hundred billion Iraqi dinars capable of increasing the decision of the Council of Ministers and the proposal of the Board of Trustees Fund. The law conditions for granting the loan and covered by it and the duration of the loan and the interest rate and any other things, the instructions issued by the Minister of Housing and Construction, are also exempt loans to the Fund and its benefits from all taxes and fees. as that of the Fund to request that the reference book in the records of real estate departments for real estate which is determined accepted to meet the loan and is a reference book by mortgage insurance from the first instance, and according to law. It is said that the Parliamentary Services Commission made several proposals to amend the law. The following is the text of the draft law on the Iraqi Housing Fund:
Name of the people of the Presidency to build on what passed the House of Representatives and endorsed by the Council Presidency and based on the provisions of paragraph (First) of Article (61) and item (iii) of Article (73) of the Constitution, issued the following law: No. () of the 2011 Act Housing Fund of Iraq Article - 1 - First established under this Act a fund called (Housing Fund of Iraq) is linked to the Ministry of Construction and Housing has the moral personality is represented by Director General of the Fund or his nominee. II - a capital fund (300 billion) three hundred billion Iraqi dinars capable of increasing the decision of the Council of Ministers and the proposal of the Board of Trustees of the Fund. III - funded by the Ministry of Finance capital fund with a loan without interest to be re-loan after (25) twenty-five years. ARTICLE 2 - - First - The Fund aims to finance housing projects and enable Iraqis to build or buy housing for them through granting mortgage loans. II - The Fund seeks to achieve its goals with the means of the following: A - lending to banks licensed in Iraq, according to the guarantees and specific mechanisms to enable them to lend long-term, exclusively for the purposes of housing, whether a loan is an individual or loans to companies building residential complexes. B - refinance mortgage real estate for the benefit of banks licensed in Iraq. c - housing finance, or lend the citizens to buy houses and apartments in accordance with instructions issued by the Minister of Construction and Housing. d - contracted with banks authorized in Iraq under a contract under which the banks all the procedures for granting loans, the Fund and the restoration must bear the bank responsibility legal work that he carried out on behalf of the Fund according to the commission is agreed upon. e - invest part of the capital provided for in clause (ii) of Article (1) of this law in deposits with banks authorized in Iraq for the purpose of covering the expenses of administrative and operational. and - Investment in land and real estate in line with the goals of the Fund. Article 3 - First for Housing Fund Board called (the Board of Trustees) consists of a - Minister of Construction and Housing Chairman B - Undersecretary of the Ministry of Finance, a member of c - Agent Zah Municipalities and Public Works member d - Undersecretary of the Ministry of Planning and Development Cooperation, a member of e - Under Secretariat of Baghdad, a member of and - Director of Housing Fund a member of g - the representative of the Kurdistan Regional Government member of h - Director General of the Department of Real Estate Registration member i - three members from the private sector selected by the Minister of Construction and Housing for (5) years with experience in the housing and mortgage Board shall determine the wages instructions. II - meet the Board of Trustees twice in at least a year and whenever the need arises at the invitation of President and shall constitute a quorum in the presence of six of its members to be president. III - The decisions by a majority vote of those present and of equal the casting vote, who voted with the president. IV - attributed to an employee of the Fund due to the Council. Article 4 I. The Board of Trustees, the following tasks: a general policy of the Fund in the legal aspects and borrowing, financial and technical. to express an opinion and recommendation regarding the regulations and instructions for the Fund c to approve the rules of procedure and organizational structure of the Fund and presented to the Minister of Construction and Housing for approval according to the law d the ratification of the roof of mortgage refinancing and ceilings lending and interest rates e agree to refinance the mortgage in favor of banks licensed in Iraq and the ratification of the final accounts and the general budget of the Fund g approving the budget planning and annual owners before the fiscal year, the duration of appropriate h write off instead of money spent and damaged, and debt is uncollectible in accordance with the law i agree to open branches of the Fund in Baghdad and the provinces and presented to the Minister of Construction and Housing for approval j defining the categories covered by the loan for the Second Board of Trustees authorize the Board of Directors of the Fund certain functions of Article 5, first run the Iraqi Housing Fund Board of Directors consists of: a Director General of the Fund as President by six people from inside and outside the Fund from experienced and competent nominated by the Chairman of the Board administration and approved by the Minister of Construction and Housing member II of the Council members of a reserve to be nominated in the same mechanism used in the appointment of members of third term of membership in the Council (4) four years, renewable for one-time Fourth Council shall meet at the invitation of its chairman once in at least a month V completed quorum of the Council in the presence of two-thirds of its members to be President, including VI issued decisions by a majority vote of those present when the votes are equal and have the casting vote with the President of Article 6 The first Board of Directors the following tasks to prepare a draft regulations and instructions to facilitate the implementation of the provisions of this law to propose policy for the implementation of the goals of the Fund in the legal, administrative, financial and technical c prepare draft rules of procedure and organizational structure of the Fund d implementation of decisions and recommendations of the Board of Trustees e granting mortgages to people, natural, moral, and suggest a ceiling of mortgage refinancing and ceilings lending and interest rates according to economic variables, monetary and the prevailing price and the value of the loan g preparation of the draft rules on credit and style meet loan h to prepare a mechanism to distribute the surplus of annual profits generated according to the percentages specified by the categories covered by i to approve the extension of the loan contract for the purpose of granting the borrower the settlement to repay the entire loan j contracted with banks authorized in Iraq for the purposes of the implementation of this law as a proposal to open branches of the Fund in Baghdad and the provinces a second Board of Directors authorize the General Manager of the fund some of its functions. Article - 7 - Fund is administered by an employee entitled General Manager, holds a university degree, at least initially and has service in the state departments of not less than (15) fifteen years and is experienced and competent. article - 8 - The resources of the Fund, which comes first - Mi_khass him in the general budget of the state. II - Internal and external loans made through the Fund to issue bonds currency loan Iraqi and foreign positions and the Ministry of Finance and the Central Bank of Iraq. III - grants, subsidies and aid, grants, according to law. IV - rather than a form of detection. Article 9 - first - meet the Fund's fees disclosed seekers loan amount determined and how they meet and the mechanism of distribution of the instructions issued by the Minister of Construction and Housing. II. - the disposal of wages collected by the Fund organized under the Order No. (11) for the year 2004 Housing Fund to the eligible from the date of completion and in accordance with the instructions issued by the Minister of Construction and Housing for this loan III - meets the amount of (1000) one thousand dinars to the Fund eighth form disclosure. Article -10 - determine the conditions for granting the loan and covered by it and the duration of the loan and the interest rate and any other things, the instructions issued by the Minister. Rule - 11 - exempt loans to the Fund and its benefits from all taxes and fees. Article - 12 - of the Fund to request that the reference book in the records of real estate departments for real estate which is determined accepted to meet the loan and is a reference book by mortgage insurance from the first instance, and according to law. Article 13 - First A - if he breaches the buyer contracted with the Fund to the provisions of the contract of the property allotted from the Fund or its obligations when or provisions of this Act and the regulations and instructions or if it finds that the information translation provided by the Fund is incorrect Vsndouk terminate the contract at any time and request release of the drug. b - the victim of a vacuum provided for in paragraph (a) of this section to the right of objection to the competent court within thirty (30) days from the date of the evacuation of the property if inside Iraq and (60) sixty days if outside of Iraq. II - Fund provides requested release of the drug with a statement due to the Directorate of Implementation of the property is located within its jurisdiction and the Enforcement Directorate to decide the release of the drug was also decided at the appropriate use of any amounts suspended in the pending buyer contractor with the Fund for fees due for the period of which I am the property until Tkhalath with downloading all the fees and expenses. III - in the case of a decision aspiration to Ataad to the buyer contracted premiums that had previously paid to the Fund from the date of the contract to the date of release of the drug, but is calculated Agra for occupancy property Throughout that period and meets the Fund's rights remaining under the law of debt collection governmental No. (56) for the year 1977. IV - The release of the property to not release the buyer contracted with the Fund from its responsibility to compensate for the damages and losses caused to property Article - 14 - First - the notification of the fund amount to the debtor serve as a warning in accordance with the law of the collection of government debt. II - implement the Enforcement Directorate guarantees personal guarantor of the Organization of the Fund or the notary public to collect money owed to the fund. article - 15 - First - the fund that insures the life of the beneficiaries of his work. II - is the insurance contract interim collective agreement between the Fund and insurance companies on the lives of beneficiaries valid and in force from the date of its conclusion without the consent of the beneficiaries translation. Article - 16 - exempt the fund from fees contained in the Law on Judicial No. (114) for the year 1981 if he is in charge of pay. Article - 17 - First - is a records Fund evidence to prove its loans and debts and transactions other and their benefits and expenses and other unless it is proved otherwise. II - under the Fund's accounts to the scrutiny and supervision of the Office of Financial Supervision. Article -18 - apply the service rules applicable in the Bank of Iraq to the staff of Housing Fund of Iraq. Article 19 of Order No. (11) for the year 2004 Housing Fund. Article 20 The Minister of Construction and Housing instructions to facilitate the implementation of the provisions of this law. Article 21 This law from the date of its publication in the Official Gazette.
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