Prime Minister Benjamin Netanyahu's Housing Cabinet convened on Tuesday for the first time since the government was formed, and discussed the situation in the housing market in view of the changes that have occurred in the market following the increase in interest rates. The Cabinet decided to set policy targets in the housing market, and set a target for 2023 of 90,000 housing units for marketing, a target of 125,61 housing units for planning, and a target for the execution of more than <>,<> housing unit marketing transactions by the Israel Land Authority and the Ministry of Housing.
In addition, the Cabinet approved the expansion of grants and subsidies of development costs in target price marketing tracks. At the same time, the Cabinet approved the expansion of lottery activity for those eligible, to second-hand apartments at a price of less than NIS 600,50, so that eligible individuals will be able to benefit from a grant of NIS <>,<> for the purchase of a cheap apartment.
Minister of Finance: "The Arnona Fund Will Help Lower the Cost of Living" (Archive) //GPO
Prime Minister Benjamin Netanyahu said, "Lowering housing prices is a central goal in our war on the cost of living. One of the tasks is to release tens of thousands of housing units in local authorities that have already gone through the planning process. The mayors say they will approve their construction only when they have funding for infrastructure, and the Finance Ministry says they will approve infrastructure only after construction begins. At my request, the finance minister said he was willing to bring forward funding of infrastructure to mayors, which would free up a large number of housing units to the market."
Prime Minister Netanyahu and Finance Minister Smotrich (archive), photo: Amit Shabi
Finance Minister Bezalel Smotrich: "The decisions we made today join a series of dramatic reforms that we passed as part of the Arrangements Law, including the housing incentive fund (Arnona Fund) and very large budgets for development and housing-supporting infrastructure."
Minister of Construction and Housing, Rabbi Yitzhak Goldknopf: "With G-d's help, we are going to carry out a housing revolution that depends on all government ministries. It's in our hands together. For the benefit of all citizens of Israel."
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