Combining Government and family fund subsidies will boost social housing

FAMILIES earning up to 2 monthly minimum wages (1,656,323 pesos) would have more resources, through subsidies, to buy social housing (VIS).

"The decree that provides for the benefit of combining the subsidies from family compensation funds and the Nation, for a total of $41 million, is well advanced," said Deputy Housing Minister Víctor Saavedra, adding that only the Government's signature is missing.

In fact, after the required procedures, this is expected to happen during the last week of July. Combining these subsidies would boost VIS purchases among members of the compensation funds and, at the same time, encourage the development of new projects.

According to Saavedra, "to buy a $75 million home, the family will receive a $25 million subsidy from the fund and $16 million from the Nation for the down payment. By applying for a loan of just $34 million, they would pay an installment of $270,000, plus a 5-point interest rate subsidy on the loan."

"The decree only needs the Government's signature and would be ready at the end of July: Ministry of Housing."

Source: Portafolio.co