ISLAMABAD - The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the stipulated eligibility criteria and payment mechanism for cost subsidy against 100,000 housing units to be constructed during phase-I under the NAPHDA by the end of the year.
Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the meeting of the ECC. Chairman, Naya Pakistan Housing and Development Authority (NAPHDA) presented a revised eligibility criteria for selection of applicants, modalities for payment of cost subsidy and mechanism for release of funds with reference to the special incentive package for Housing and Construction sector, announced by the Prime Minister in July 2020.
After due deliberation, the Committee approved the stipulated eligibility criteria and payment mechanism for cost subsidy against 100,000 housing units to be constructed during phase-I by the end of the year. The Committee urged NAPHDA to facilitate access to housing finance at affordable rates for expanding housing ownership in accordance with the vision of the Prime Minister, enabling low-to-middle income groups to avail low-cost housing facility according to their affordability.
Federal Minister for Interior Sheikh Rasheed Ahmad, Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Energy Omar Ayub Khan, Federal Minister for Industries and Production Hammad Azhar, Adviser to the PM on Commerce Abdul Razak Dawood, Adviser to the PM for Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Revenue Dr. Waqar Masood, SAPM on Power Tabish Gauhar, Governor State Bank of Pakistan Reza Baqir, Secretary Finance, Secretary Power Division, Secretary Ministry of National Food Security and Research, Additional Secretary M/o Industries and Production, Chairman Naya Pakistan Housing & Development Authority, Chairman BOI and other senior officials participated in the meeting.