The Russian government will allocate an additional 7 billion rubles for the rural mortgage program, Russian Prime Minister Mikhail Mishustin said.

“Now to the issue of rural mortgage. We will allocate an additional seven billion rubles for it,” he said at a meeting with deputy prime ministers.

According to Mishustin, “these funds will be used to preserve favorable conditions for loans at only three percent.”

“Half of the allocated amount will be used for new loans, which will allow about 17,000 more families in rural areas to improve housing conditions across the country.

The rest of the funds, the prime minister said, will be used to service more than 100,000 previously issued loans in the third quarter of this year.