HUDCO, also known as the Housing and Urban Development Corporation Ltd was formed on 25th April, in the year 1970. It was formed under 1956 Companies Act. HUDCO deals with and gives special emphasis on the social perspective of the infrastructure and housing related amenities. Despite being commercial in its approach and initiatives, the board gives greater emphasis on the sections that requires attention than the sector which are commercially at a higher value. The board takes accountability of developing and providing housing solutions to the economically feeble sections. Over the years HUDCO continues to be Institution which is known for its excellence in the domain of urban and housing development.
To take total responsibility or fund the development satellite towns. The board takes the responsibility of setting them up too.
To assist in the provision of the long term funds for the establishment of the homes for residential purposes. At times the board also undertakes the entire responsibility of urban development across the country.
To help in the development or the allocation of the industrial resources of the building materials.
To set up, aid, promote and also provide consultancy services for the concerned projects undertaken. This involves planning, designing pertaining to housing and urban development agenda’s in India as well as abroad.
The board also regulates the fund that is derived or received from the Government of India, on recurrent basis. Other channels pertaining to this also includes the grants that are received for urban development across the country.
PROGRAMS TAKEN BY HUDCO
HUDCO Rural Housing Program
The two types of schemes or programs that are supported by HUDCO under the domain of rural housing are:-
EWS rural housing plans or agenda for the land owning segment
EWA rural housing plans for the landless
Financial help in this regard is accessible by any state government agency or body, such as rural housing board, panchayats, district boards, taluka development boards and the like.
HUDCO Urban Housing Program
HUDCO plays an influential role in encouraging and motivating the establishment of the housing plots and the fraction of the loan that is to be allotted to the general mass for their own construction purposes. The residential plots, housing complexes, flats and open spaces are accessible to the people at large or are placed on outright sale. This is done by specialized agencies depending on the demand thus created.
HUDCO Co-operative Housing Program
This is one segment of the housing industry which over the years has gained HUDCO’s support, involvement and assistance to a great extent. The board has set a mark or limit of a stipulated percentage of its annual loam amount sanctioned for the co-operative program. This in turn is expected to increase in the forthcoming years. Under this kind of agenda or program HUDCO lends funds to state housing finance societies. It also lends monetary aid to the housing boards for initiating and taking responsibility of housing projects for the fellow members of the societies. All these are conducted as per the rules and regulations that are present in the Urban Housing Schemes.
HUDCO Slum Development and Environmental Enhancement Program
HUDCO provides loans under such programs to the slum clearance boards, housing boards. Improvement trusts, development bodies or authorities, local bodies and so on. This is done keeping mind the development and upgradation of the urbane as well as the poor zones. At the same time under such plans the housing complexes in the interior cities are also development and improved.
Take out credit
HUDCO provides to its customers and target audience the facility to take out credit, to help in infrastructure and housing projects undertaken by the State Government. The same is extended to the private corporate sector agencies as well as public agencies. These agencies otherwise qualify for new loans from HUDCO
HUDCO Staff Housing
HUDCO is efficient in supporting and assisting the corporate employers who belong to both public as well as private sectors in getting loans for staffing houses. Going forward these loans are also given to the government and non-profit organizations at a minimal and discounted interest rate.
HUDCO Area Development and Land Acquisition Schemes
In an attempt to augment the initiatives that are taken by the housing societies as well as agencies, and also to help their activities through out the country HUDCO is active in giving financial aid and support. The financial help is provided in areas of procurement of the plot or land as well as area development.
There is a certain preference that the land acquisition agendas seem to get. This is because their main objective here is to facilitate and help the economically feeble and weak segments. They also take charge of the low income groups both in the urban zones as well as in the rural areas. Any agenda and schemes pertaining to land proclamation are assisted by HUDCO.
HUDCO Renewals and Repair Program
HUDCO under this program of repair and renewal of the housing plots and areas provides financial help to the slum clearance boards, improvement trusts, housing boards and the like. The activities that are carried on under this program are:-
Repairing or replacing the roof structure
Making the affected structure strong
Any structure that requires infrastructural help to make it strong or renovate it.