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State to Spend $4.5Bln on Relocating Residents of Condemned Housing

The state Fund for Housing Reform Assistance has approved a plan to demolish almost 11 million square meters of condemned housing by 2017, in the process resettling 713,000 people, a statement on the fund's website said.

Prime Minister Dmitry Medvedev signed an order last week for all citizens residing in buildings that have been condemned to be resettled by Sept. 1 2017, RIA Novosti reported.

The fund aims to move 42,000 people by the end of 2013 with the number increasing to 142,000 in 2014, 164,000 in 2015, 163,000 in 2016 and 202,000 in 2017, according to the statement published Friday on the fund's website.

The project is expected to cost the fund about 149 billion rubles ($4.5 billion) in total.

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