Morocco’s $919.6 Mn Game-Changing Housing Assistance Program
Morocco is set to channel a budget of 9.5 billion dirhams ($919.6 Million) annually to fund the much-anticipated direct housing assistance program. This initiative will begin on January 1, 2024, and promises to benefit an astounding 114,000 families within a year. The program’s core aim is to revolutionize access to home ownership by directly bolstering the purchasing power of households through financial assistance. A fundamental feature of this game-changing scheme is its inclusivity. It extends its reach not only to Moroccan citizens residing within the country but also to the Moroccan diaspora, particularly those without a primary residence in Morocco and who haven’t previously availed any housing benefits. To partake in this transformative program, an applicant must possess Moroccan nationality. They must not have previously received any state-sponsored housing assistance and, at the time of property acquisition, should not own a dwelling intended for residential purposes. In addition, the preliminary purchase agreement must be notarized, and the property should have a residence permit dated on or after January 1, 2023, with the caveat that it should be offered for its first sale. This monumental housing initiative reflects the Moroccan government’s proactive and progressive approach to addressing the housing needs of its citizens, both within the country and abroad.
Tags : Morocco budget direct housing assistance program 114 000 families home ownership financial assistance.