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State Duma proposes compensations to defrauded members of housing cooperatives

17:45 01/10/2019

MOSCOW, October 1 (RAPSI) – Russia’s State Duma is to discuss a bill envisaging payments to members of housing construction associations created in the course of bankruptcies of housing project developers prior to the completion of construction of problem-plagued apartment blocks, the website of the lower house of the Russian parliament reads on Tuesday.

The bill is authored by the State Duma Chair Vyacheslav Volodin, his first deputy Ivan Melnikov, a Chair deputy Igor Lebedev and Chairs of relevant Duma’s Committees.

Members of the housing cooperatives founded prior to July 1, 2019, i.e. the transition to project-based financing of housing construction are to be entitled, equally to defrauded investors, to compensatations from the foundation created to guard the rights of participants of cooperative housing projects, according to Volodin.

Earlier, Volodin notes, a federal law on the compensations to defrauded investors in housing projects has been adopted; in particular, the law permitted to invest funds in the completion of construction of problem-plagued projects transferred to the housing cooperatives created in the process of bankruptcies of developers.

However, the Chair of the State Duma notes, the provisions on compensation have not been extended to members of housing cooperatives in cases where the foundation decided that financing of unfinished construction projects transferred to them was unfeasible. Therefore, Volodin says, housing cooperatives members were in an unequal position as compared with defrauded investors; hence the new bill.

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State Duma proposes compensations to defrauded members of housing cooperatives

17:45 01/10/2019 Russia’s State Duma is to discuss a bill envisaging payments to members of housing construction associations created in the course of bankruptcies of housing project developers prior to the completion of construction of problem-plagued apartment blocks.
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