| Summary: | Problems related to the transformation of housing construction based on the transition from shared-equity construction to project financing are being investigated. Along with the socio-economic benefits for consumers and an increase in the stability of the housing market, there are phenomena that negatively affect developers. The changes that affected the legislation governing the relationship between equity holders and developers affected not only the introduction of escrow accounts, but also amended the requirements for the contract of shared-equity construction, the composition of the rights and obligations of the parties to the contract, the methods of securing activities, and increased liability for violation of the terms of the agreement of shared participation. This creates new economic conditions for the activities of developers. The analysis of the changes established by the law by the analysis of differences in legal regulation of activity of builders in two periods became a research objective: when obtaining the construction license before and after the date of introduction of new norm. As a result of the analysis, contradictions are revealed and assessment of their consequences is made for activity of builders. The basic principles for successful transformation are justified: stage, awareness and system, feedback. The conclusions were drawn and concrete proposals were made to amend the legislation, including elimination of contradictions in the dual legal regulation of the activities of developers using various project financing schemes, in agreement with banks for the phased disclosure of escrow accounts, the introduction of costs for transport and engineering infrastructure into the project budget, as well as interest on loans for its creation and others. These measures will preserve the effectiveness of housing construction and the sustainable activities of developers as a result of the transformation of the industry.
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