The President approved the use of escrow accounts for private housing construction

In the field of individual housing construction, the mechanism of escrow accounts will be used. This decision was made in a new package of laws, which was approved by President Vladimir Putin.

The new standards will come into force on March 1, 2025. According to them, shareholders who have entered into a construction contract with the developer will be able to transfer money to a special account. The developer will have access to these funds only after completion of construction and provision of all necessary documents to the bank. In addition, it is planned to insure the investments of Russians in the construction of private housing.

In 2019, an innovation appeared for shareholders who invest in the construction of multi-storey buildings. Since March 2020, this measure has also extended to cottage villages. Now, according to new laws, the practice of protecting the funds of shareholders also covers private housing construction.

The second law in this package regulates the process of insuring money in escrow accounts. If the bank where these funds were kept goes bankrupt, citizens will be returned up to 10 million rubles.

And these are not the only changes that have affected the field of wooden housing construction. Thus, the Wooden Housing Association (WHA) has released a standard for the acceptance and operation of wooden buildings - the first rules of its kind for the construction of individual houses using wooden structures for low-rise housing. The document describes in detail the stages of construction of wooden houses and provides links to the relevant GOSTs.