Abstract
The authors propose a new approach to the housing lending system based on the creation of building stakeholders as a group of stakeholders. All possible participants in the process are considered, starting from the facility construction and ending with the final consumers of construction products. A fundamentally new financial and credit mechanism is proposed, which is an alternative to a mortgage and, according to the authors, will serve as a catalyst for solving the problem of housing affordability. As part of the study, a stakeholder capital flow chart is proposed, direct and reverse financial flows are considered, a mechanism for forming a stakeholder fund is presented. The financial structure of the stakeholder proposed by the authors is based on the mechanism of direct and reverse movement of capital of the association. The formation of innovative credit mechanisms raises the question of the stability of the financial system in the face of risks. The authors propose a model for assessing the financial stability of a stakeholder based on the robustness theory, which determines the possible effects of risks and analyzes the effectiveness of process protection options.
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