The Union Cabinet has approved creation of Rs. 60,000 crores National Urban Housing Fund (NUHF) to finance Pradhan Mantri Awas Yojana (Urban) which aims to build 1.2 crore affordable houses in urban areas by 2022.
National Urban Housing Fund (NUHF)
NUHF will be placed under aegis of Building Materials and Technology Promotion Council (BMTPC). It will be raised from non-budgetary sources and will tap into existing government entities such as Housing and Urban Development Corp. (Hudco).
NUHF will facilitate raising requisite funds in next four years and plug any budgetary shortfalls. It will smoothly sustained and construction of houses to address gap in Urban Sector progresses by maintaining flow of Central Assistance under different verticals i.e. Affordable Housing in Parternership (AHP), Beneficiary Linked Construction (BLC), In-Situ Slum Redevelopment (ISSR) and Credit Linked Subsidy Scheme (CLSS) is.
Building Materials and Technology Promotion Council (BMTPC)
BMTPC is an autonomous body under Ministry of Housing and Urban Affairs. It is registered under the Societies Registration Act, 1860 and is primary task is the mainstreaming of new construction technologies. It is responsible to undertake research, development and large scale application of new building material technologies.
Pradhan Mantri Awas Yojana (Urban)
PMAY(U) provide houses to all poor in urban areas by 2022. It is new version of Prime Minister’s Housing For All by 2022 vision. Its objective is to construct two crore houses across nation. It covers entire urban area consisting of 4041 statutory towns with initial focus on 500 Class I cities.
Intended beneficiaries of scheme are Poor people (BPL) and People living under Economically Weaker Sections (EWS) and LIG (Low income Group) categories in urban establishments of country. It also targets people living under MIG (middle income Group). Government will provide subsidy ranging between 1 lakh to 2.30 lakh to people from above categories in order to make them secure.