the Source: About results of social and economic development of the Russian Federation for 2003 / the Ministry of economic development and trade of the Russian Federation. - February, 2004

The share of borrowed funds has increased, and began to make 53,8 %. As a part of borrowed funds slight increase of a share of credits of banks is marked. Reduction of a share of budgetary funds from 19,9 % to 18,8 % speaks reduction of borrowed funds from budgets of subjects of the Russian Federation.

The big interest for a research theme is represented by new sources of investment financing to a fixed capital. The means received from individual share on building (4,1 %), financing at the expense of issue of corporate bonds (0,2) and the means received from issue of shares. In aggregate these other sources of financing make only 4,5 % of a total sum of sources that is quite comparable to level of crediting by banks of investments into a fixed capital. New sources of financing yet have no essential significance in structure of investments and considerably concede to the involved budgetary funds.
The analysis of the resulted data shows, that the volume of sources of financing and dynamics of their structure yet do not meet requests of acceleration of economic growth.
Let's address now to the analysis of the data characterising sources
Financings of the separate building organisations. In table 9 the largest organisations of the Moscow region under expenses for building are presented. As object for the analysis are chosen «Mosstrojmehanizatsija - 5» and «DSK - 1».
Table 9
The largest organisations of the Moscow region under expenses on
Place The company 2003, million rbl. 2002, million rbl. Change,
1 Committee on management of property of of Moscow 32 629 43 005 -24
2 DIPS 10 950 9 134 20
3 СУ-155 10 014 6 068 65
4 ДСК-1 9 607 8 009 20
5 Group of companies "PEAKS" 5 229 2 965 76
6 «Mosstrojmehanizatsija - 5» 5 165 3 862 33
7 Inteko 4 749 2 365 101
8 МФС-6 3 793 3 745 1
9 Strojmetresurs 3 403 3 048 12
10 Don - the System 2 998 2 471 74

Source: According to company "Стройметресурс"
«Mosstrojmehanizatsija - 5» is one of the largest building - investment complexes of Moscow. Works are performed and services by mechanisation means are rendered. Building construction of series П-44, П-3, KOPE engineering communications, monolithic apartment houses under individual projects is made. The building complex includes seven specialised building branches: Management of mechanisation 9, Management of mechanisation 25, Management of mechanisation and Open Society motor transport
"Vertical", СУ-1, СУ-2, Open Company SMUZ, the SOU "Monolith", Open Society «the Builder - 110».

The government of Moscow is the long-term customer of services and works «Mosstrojmehanizatsija - 5». Annually the company executes for the Government of Moscow of works in volume of 1,3 billion roubles, using for this purpose 98 % of the industrial potential. With direct sharing of Joint-Stock Company «Mosstrojmehanizatsija - 5» it is annually placed in operation 2000000 sq. m. of municipal housing accommodation.
The constant partner in industrial and investment activity of the organisation «Mosstrojmehanizatsija - 5» is the building organisation of Open Society largest in capital «House-building combine № 1».
Structure of investment investments in building construction according to Joint-Stock Company «Mosstrojmehanizatsija - 5» and Open Societies DSK-1 are characterised by following data.
Construction period - 2003 - 2004
Investment cost 1 sq. m.-26.100 rbl.
Total area of apartment houses - 107.500 sq. m.
Total of apartment houses - 7
Total sum of the means enclosed in building - 2.805.750.000 rbl.
Structure of investment investments:
Internal funds of the enterprises - 560.000.000 rbl. (20 %)
Credits of banks - 280.000.000 rbl. (10 %)
Means involved soinvestorov (dolshchikov) - 1.965.750.000 rbl. (70 %)
It is necessary to pay attention to how the structure of investment investments on sources of financing of the considered housing organisations from summary across Russia essentially differs.
Internal funds of the building organisations make only 20 % of expenses for building. The share of credits of banks on housing accommodation building twice is more. As to means from individual share in building on the organisations which are carrying out building of housing accommodation (dolshchikov) they have made 70 %, and on Russia only 4,1 % of expenses.
From stated it is possible to draw a conclusion, that bank crediting of building of housing accommodation in Russia yet has today no accurate prospects. Frameworks of its use will depend on that, the mortgage and other possibilities of financing of building and housing accommodation acquisition will develop how much fast.
Prospects of development of housing crediting in Russia in many respects depend on buying power of the population. The legislation in the field of housing construction also should is under construction so that to stimulate attraction of free money resources of the population for duly acquisition of housing accommodation.
The universal form of granting and use of the housing credit in Russia for today does not exist. Owing to influence of a high level of the inflation, unstable work of credit and financial system, low solvency of the population all technologies of housing financing including housing crediting, have transitive character that corresponds to conditions of the present stage of development of the Russian economy. They are far from perfect, have defects, but as a whole, play the positive role - make active a construction sector, promote the housing problem decision, are the important stage of development of the civilised market of housing credits and the market of the inhabited real estate as condition for transformation of transitive models in the classical.
Housing construction requires significant and enough long-term financial investments as the period of a turn-over of means in the given branch makes from ones and a half till three years. Such term is necessary for erection of housing object from a zero cycle till the moment of its delivery of a selection committee. Thus building cost can
To reach several millions dollars.
Builders, the organisation attending to housing accommodation building, as a rule, have no possibility to distract from economic circulation so significant financial assets for the long period. Therefore builders are compelled to use at building of housing object not only own, but also borrowed funds. In world practice at erection of large investment projects, the building organisations, as a rule, use the bank credit.
In Russia as now because of high interest rates attraction of the long-term bank credit for housing accommodation building yet has not received due distribution, by builders alternative schemes of financing, including at the expense of population means began to be applied.
The federal law from February, 25th, 1999 № 39-FZ «About investment activity in the Russian Federation which is carried out in the form of capital investments» (in edition of the Federal law from 2.01.2000 № 22 became a legal basis for application of various schemes of financing of housing accommodation - FZ) which has defined the basic concepts, has established responsibilities and responsibility of participants of investment activity.
The analysis of the Russian practice of housing financing has allowed to allocate the following cores, the most typical schemes of housing construction. We will short consider them.
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A source: Yakushev Arthur Mihajlovich. DEVELOPMENT of the MECHANISM of FINANCING of HOUSING CONSTRUCTION. The DISSERTATION on competition of a scientific degree of a Cand.Econ.Sci. Moscow -. 2006

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