Development of the Financial and Credit Mechanism within the Framework of Mortgage Programs Implementation by the Regions of the Russian Federation: Assessment of Conditions, Demand and Supply

Building a scientifically grounded theory of financial and credit support of priority directions in the sphere of mortgage finance, development on its basis of practical recommendations on implementation of transformations in this sphere, the mechanism of regulation and coordination of activities of the state, private sector and households to ensure development of the mortgage mechanism are urgent scientific and practical tasks. The results of the research conducted by the authors show that in the Russian Federation mortgage lending is developed primarily through targeted non-repayable subsidies to borrowers at the expense of budgets of different levels. However, not all state programs in this sphere are implemented as planned, which is especially noticeable in the regions where budget funds are distributed unevenly by constituent entities of the Federation. Taking into account the existing trends, it can be predicted that active development of mortgage lending in Crimea and Sevastopol, whose economic situation is complicated by financial sanctions, is possible only if the mechanism of state support in this sphere in the form of implementation of special mortgage programs for socially vulnerable groups of population is applied while creating an accessible environment for development of market-based mortgage lending mechanisms.