CFP and CPP may be liquidated in three years in Kazakhstan after adoption of new law

Date: 14:22, 10-10-2019.

Astana. October 10. KazTAG -   The cooperatives of flats proprietors (CFP) and the cooperatives of premises proprietors (CPP) may be liquidated  after adoption of amendments in the legislative acts on housing-communal economy.
"The draft law plans a new model of management of condominium's objects through creation of non-commercial organization "Union of proprietors of property".
Each union will manage the condominium objects through its current and saving account. At the same time CFP and CPP may operate for three more years after adoption of the bill, " reads the conclusion of the committee on economic policy, innovational development and entrepreneurship.
The bill introduces a mechanism for financing of capital repairs of the common property of a condominium facility, which is based on the accumulation of funds by owners of residential and non-residential premises and a loan from a second-tier bank. At the same time, payments to second-tier banks on unfulfilled liabilities by the borrower as part of a housing loan received for the overhaul of the condominium will be made by a specialized guarantee fund.

Photo source: picture from an open source

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