This document is based on issues and challenges of the Mongolian mortgage market. Till the early 1990 Government used to provide free housing to the citizens. In mid-1997, the Government and the ADB began the development of a sound legal and policy framework for the housing sector in Mongolia. In 1999, the Government approved the Housing Law, National Housing Strategy (NHS) Housing Privatization Law, and the Condominium Law. Under the NHS, housing policies are now to be demand-driven, with standards and regulations geared to adequate and affordable housing provided by individuals and enterprises.