Nicaragua: Social Housing Boosts Construction
The changes in criteria as to what is consider social housing has contributed to the development of the sector.
Tuesday, March 8, 2011
The state subsidy, the increase in the ceiling of $ 10 thousand to $ 20 thousand for housing to be considered of social interest and the fact the Nicaraguan Institute of Social Security (INSS) made funds available for banks were factors which led to a recovery in the industry," said Alfonso Silva, vice president of the Nicaragua House Builders (Cadur).
The rising costs of materials and the government's refusal to raise the ceiling price on affordable housing could derail the National Housing Plan.
The idea is to build houses worth less than $20,000 in order to facilitate the purchase of decent houses by low income families.
The construction sector expects an increase in demand now that there has been an official increase from $20 thousand to $23 thousand in the ceiling for the price of social housing.
By 2016 the Chamber of Builders plans to build 5000 new homes, which will add to the 25,000 that the government plans to build throughout the year.
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