(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 7.​ The Mortgage and Credit Guarantee Fund (MCGF) of the Republic of Azerbaijan plans to acquire new residential properties under the rent-to-own mechanism, Trend reports.

According to the data, considering public demand, the purchase of these residential properties will be carried out within residential areas located in the administrative territory of Baku city.

The purchase is being implemented in accordance with the rules approved by the presidential decree dated January 25, 2019, which regulates the rent-to-own mechanism designed to provide citizens with housing.

“The procuring organization determines the winner based on an evaluation of whether participants offer a smaller total volume of housing than requested. In this case, the total area of residential properties offered by suppliers must not be less than 20,000 square meters,” the statement reads.

The MCGF has already begun the related processes and forecasts spending approximately 199.5 million manats on the acquisition of these residential properties. Previously, the Fund executed analogous acquisitions in Sumgayit City, Azerbaijan, utilizing the identical operational framework.

MCGF is a public fund established in 2017 by the amalgamation of the Azerbaijan Mortgage Fund and the Credit Guarantee Fund of the Republic of Azerbaijan. The objective is to enhance living circumstances, establish an effective financing system for house construction, attract both domestic and international investors to mortgage lending, and facilitate access to funding for SMEs.

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