State Mortgage Institution begins financing uncompleted residential projects

The State Mortgage Institution said on Friday that on July 20 it planned to begin financing frozen residential projects that are 70% completed and planned to be finished by December 25, 2009, according to Interfax. The State Mortgage Institution said it finished selection of  82 projects in Kyiv, Kyiv region, Sevastopol, Lviv and Lviv region, but did not disclose specific complexes it will complete. The State Mortgage Institution sold UAH 502 mln in local bonds of a total planned UAH 1 bln issuance on June 19 to raise funds for the program. The SMI is similar to the U.S.’s Fannie Mae, and was created by the Ukrainian government to facilitate mortgage lending.