"Renaissance" youth settlement, which will be built on Monte Melkonyan Street, claims to be a social housing program of unprecedented scale in the history of independent Armenia. The project, which will build 1080 apartments, was presented to President Serzh Sargsyan on April 7.

Arsen Karamyan, Deputy Minister of Sport and Youth Affairs of the Republic of Armenia, YSU Alumni Association NGO Chairman Arsen Karamyan said in a conversation with reporters that this program is one of the components of the Armenia's 2040 demographic security agenda. "In the area adjacent to the street named after a national hero, which is a little far from Tsitsernakaberd Memorial Complex, there will be a settlement where young families will live, a baby cry cwill be heard there. This is a real "Renaissance", "said Karamyan.

According to him, it will be a very important event for a small country like Armenia. "Even in the Soviet era, no construction was carried out in Yerevan," the Deputy Minister added. The construction works of the settlement will start in May 2018 and will end in September 2021.

The total area of ​​the land plot for the construction of the youth settlement is 6.57 hectares. The price per square meter of apartment will be 276-296 thousand drams due to full or partial renovation.

14-storey 6 buildings with 2 entrances and 4 buildings with one entrance will be built in the settlement. A Renaissance complex with 23 floors will also be built, on 8 floors of which there will be cinemas, commercial and household services, and 15 floors will be residential.

The complex will have underground and overground parking lots, a children's playground, a sports complex, a kindergarten and a recreational area.

The expected amount of loan portfolio provided to project beneficiaries is 20 billion drams, preferably up to 20% prepayment, up to 20 years maturity, up to 8% annual interest rate, currency-AMD currency. The total cost of the project is about 52 billion drams. 1250 jobs will be created during the implementation of the housing construction program.

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