The Graduate Union of Yerevan State University NGO is launching the “Affordable housing for young journalists, educators, doctors and athletes” social housing program under the high patronage of President of the Republic of Armenia, President of the board of trustees of YSU Graduate Union Serzh Sargsyan. 

The program envisages the construction of a multifunctional apartment building with the latest architectural solutions near Tsarav Aghbyur 55/3 Street in Yerevan. The apartments will be sold for prices incomparably lower than the market price and will be designed for young Armenian journalists, educators, doctors and athletes who have triumphed in international competitions and have kept the honor of the Republic of Armenia in sports high. 

The residential complex will have two, three and four-bedroom apartments costing 185,000 drams per square meter. The apartments will be totally renovated and will be granted to the beneficiaries for residency.

The construction of the apartment building will kick off in January 2012 and is set to end in November 2013. 

The multifunctional apartment building will be monolithic and made from metal and concrete and with an external basalt and felzit cover. It will have five buildings with 13 floors on each one, as well as underground parking lots. Each building will have two elevators. 

The residential complex will have state-of-the-art external lighting, the area near the building will be improved and the communication system will be upgraded. The area will also have children’s playgrounds and green zones. 

The following is a description of the apartments: 

-Floor of apartment(s): Flooring (beech wood type) or laminated (based on beneficiary’s selection), 

-Bathroom (tiled), 

-The internal divisions of the apartment(s) are implemented in accordance with the general architectural plan for construction, 

-The cosmetic design of the apartment(s) is done in accordance with 5 model apartments, 

-Entrance door: metal; type of wood for doors in the apartment: MDF, 

-Windows: metal-plastic (brown), 

-Electricity wires are hooked in accordance with the working plan for electricity supply, 

-Electric junctions: hooked, 

-Heating system has been installed, without equipments, 

-The building is gasified. 

Our organization offers the following three options for payment: 

1. PAYING FOR THE APARTMENT THROUGH A MORTGAGE LOAN 

If the beneficiary chooses to pay through a mortgage loan, the organization will set the following terms and conditions: 20% prepayment, 10-15-year redemption period, 11% annual interest rate, redemption schedule, Lombard for real estate that is obtained and/or other real estate, 

2. PAYING FOR THE APARTMENT THROUGH PREPAYMENT
If the beneficiary chooses to pay for the apartment through prepayment, then the following payment procedure shall be established in accordance with the trade contract signed with the beneficiary: 

-down payment: 30% of the price of the apartment within 15 days after the signing of the down payment contract, 

-first installment: 30% of the price of the apartment within 8 months after the signing of the down payment contract, 

-second installment: 25% of the price of the apartment within 16 months after the signing of the down payment contract, 

-final installment: 15% of the price of the apartment, within 7 days after receiving a notification to sign the handing-receiving act. 

3. PAYING FOR THE APARTMENT THROUGH PROPORTIONATE DISTRIBUTION

The beneficiary may also pay for the apartment based on the confirmed plan (paying the proportionately distributed amount during the months of construction established by the contract). 

Potential beneficiaries may be young journalists, educators and doctors under the age of 35, married, with at least three years of work experience and in need of apartments (without a home in Yerevan or in urgent need of improvement of conditions), as well as athletes who have triumphed in international tournaments and have kept the honor of the Republic of Armenia in sports high. 

To be included in the group of potential beneficiaries, applicants need to submit the following documents: 

-appeal for need of a home addressed to the President of the YSU Graduate Union NGO, stating the preference of surface area and the contacts of the applicant, 

-recommendation for the applicant’s participation by an authorized state body, 

-copy of the applicant’s passport, 

-copy of diploma, 

-copy of marriage certificate, 

-reference from workplace regarding the applicant’s position and work experience, 

-reference from the Information Center of the State Committee of the Real Estate Cadastre adjunct to the RA Government (Komitas Avenue 35/2, Yerevan) regarding the real estate belonging to the applicant in the territory of the Republic of Armenia by the right to ownership, 

-reference from the place of residence regarding the applicant’s family members. 

The program beneficiaries are selected and the apartments are distributed by a public draw organized by the Graduate Union of Yerevan State University. 

The Union will not examine the packages of documents that fail to meet the requirements. 

We also inform that the list of names of beneficiaries selected after the first stage of observations of the appeals submitted within the framework of the “Affordable housing for young journalists, educators, doctors and athletes” social housing program will be posted on our website before December 1, 2011. 

Below we present the location and initial construction plans of the apartments. 

You can see the list of names of beneficiaries selected after the 1st stage of observations of the appeals submitted within the framework of the “AFFORDABLE HOUSING FOR YOUNG JOURNALISTS, EDUCATORS, DOCTORS, AND ATHLETES” social housing program by visiting the Project News section of our website.