MOSCOW, July 3 (RAPSI) – President of Russia Vladimir Putin has signed a bill on compensation of mortgage loans for multi-child families into law. The document’s version is published on the official website of legal information.

Under the legislative initiative, 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 law will have retroactive force. Thus, families given birth to a third or next following baby in 2019 would receive the compensation.

The document 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.

In June, the initiative was adopted by the State Duma and approved by the Federation Council.