MOSCOW, June 26 (RAPSI) – The Federation Council, Russia’s upper house of parliament, on Wednesday approved a draft law on mortgage compensation for multi-child families.

Previously, it was adopted by the State Duma. The third hearing of the initiative was held on June 19.

Under the bill, families will receive 450,000 rubles ($7,000) from the state for discharge of a mortgage in event of the birth of a third or next following baby.

The document will have retroactive force. Thus, families given birth to a third or next following baby in 2019 would receive the compensation.

The draft law was drafted in pursuance of a presidential address. Vladimir Putin has set out to help multi-child families in mortgage repayments. It was submitted by the State Duma Chairman Vyacheslav Volodin and Chair of the Federation Council Valentina Matviyenko in May.