IMF group visits housing development administration

A delegation from International Monetary Fund yesterday visited the Turkish Housing Development Administration (TOKI), which is responsible for implementing government housing policies. During the first visit from an IMF delegation to TOKI, the delegation was briefed by TOKI head Erdogan Bayraktar. The delegation was curious how TOKI works on large housing project without any financial support from the Treasury. "TOKI gets loans from market when it needs them," Bayraktar said, and spoke about TOKI's income-sharing model. Under this model, TOKI produces luxury houses for wealthier buyers and uses the revenues from this to fund lower-income housing projects. Bayraktar also said that TOKI sells houses at their actual values using easy installment plans, adding that officials from Russia, Ukraine, Romania, North Africa and Central Asia have also visited to learn about its work.