On June 23, 2010, the Cooperation Agreement was signed to increase affordability of housing and mortgage among the Housing Mortgage Finance Agency, the Ministry of Construction and Architecture of the Sverdlovsk Region, the Sverdlovsk Housing Mortgage Finance Agency and RENOVA-StroyGroup-Akademicheskoye (included in the RENOVA-StroyGroup).

The parties have expressed their intention to join efforts to make housing and mortgage more affordable and define favorable conditions for creating and maintaining sustainable demand for housing in Akademia City integrated development project. The mortgage programs under the Agreement offer flexible interest rates from 10.5% to 11.5% per annum in rubles.

“For the first time government authorities in the mortgage and construction sector reached such a large-scale agreement with a development company. Real estate buyers in Akademia City will have additional mortgage options and will be able to improve their housing conditions”, says Mr. Golubitsky, President of RENOVA StroyGroup.

The cooperation between RENOVA StroyGroup and the Housing Mortgage Finance Agency started in 2009. In April 2010 the next step of such cooperation was an agreement among RENOVA-StroyGroup-Akademicheskoye, Housing Mortgage Finance Agency and Perm Housing Mortgage Finance Agency. The results of successful cooperation of RENOVA StroyGroup with mortgage market operators are obvious. In May 2010 the share of apartments sold through mortgage programs reached 75% of all apartments sold in Akademia City.