Housing deficit in Nicaragua grows
Expediting procedures to get building permits and providing longer-term financing and lower interest rates; these are a few of the measures that are lacking and which delay housing construction.
Wednesday, August 6, 2008
During a housing forum, Alfonso Silva, President of the Chamber of Developers, said that it takes up to 18 months to get the permits for a housing project approved and that this needs to be reduced to between two to three months.
In the first seven months of the year the value of approved construction projects amounted to $918 million, 45.3% more than in the same period last year.
Three construction projects were halted and more than 50 land-strips illegally divided into building plots were uncovered when Costa Rican environmental inspectors launched a second raid in the popular tourist zone of Guanacaste.
The recently approved amendment to the Housing Act provides a subsidy of 2.5% in the interest rate for mortgage loans that are not greater than $32,000.
For the period covering the final year of the current presidential administration, the Social Housing Fund has budgeted nearly 68 million dollars to be invested in financing new housing.
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