Russian President Vladimir Putin has signed a law on the possibility of spending mother capital on building houses

Maternity capital can be spent on individual housing construction (IHS) through the escrow account mechanism. The relevant law was signed by President Vladimir Putin. According to the law, the funds of the mother capital can be used for the construction of an apartment building under a construction contract using an escrow account. It will be possible to deposit the entire amount of the subsidy or part of it into such an account. The beneficiary must be a company or an individual entrepreneur who is building a house.

This scheme is developed by analogy with multi-apartment construction to protect the rights of customers of house construction - the contractor will be able to receive money only after the completion of the object.

The law will come into force on March 1, 2025, according to the document, which is published on the official portal of legal information.