The law reform approved by the National Assembly raises from $32 thousand to $40 thousand the cap to receive a subsidy for social interest housing and up to $50 thousand for housing in condominiums and apartments.
Wednesday, October 25, 2017
With the reforms, the ceiling for receiving the subsidy for social interest housing is increased from $32 thousand to $40 thousand for a single family dwelling and up to $50 thousand for multifamily housing, the latter is a new feature of this initiative, specifically for condominiums and apartments.
From a statement issued by from the National Assembly:
The approval of the reform to the Law to promote the construction of housing and access to housing of social interest ensures that more Nicaraguan families are able acquire their homes with benefits stipulated in this law, said Deputy Jenny Martinez, president of the Commission of Infrastructure and Public Services.
This afternoon deputies in the National Assembly approved, with 88 votes in favor and 2 present, the Law reform for the promotion of the construction of housing and of access to social interest housing and the organic law of the institute on urban and rural housing (INVUR), whose main purpose is to expand the ceiling in regards to social housing.
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At the Expo Capac in Panama, 2,100 homes were sold, and mortgage transactions for nearly $180 million were achieved, surpassing the projections of the organizers by 50%.
This year was attended by 400 exhibitors who presented some 600 real estate projects and the support of 14 mortgage banks, public and private, which closed buying and selling procedures with thousands of visitors who came together during the five days of the fair event, reported the Panamanian Chamber of Construction (CAPAC).
With the aim of encouraging more companies to invest in the development of social housing, the Varela administration has decided to raise from $50,000 to $60,000 the price of social housing solutions that are built in the provinces of Panama and Panama West.
In the resolution, which was published last week in the Official Newspaper La Gaceta, it is argued that the decision to raise the final sale price of the homes was taken "... in order to make it more attractive to developers nationwide so that they are interested in developing these types of projects."
The 2018 budget for the Nicaraguan Institute of Urban and Rural Housing includes $12 million to be granted in subsidies and loans for the purchase of low-income housing.
The funds will be allocated among low-income families for the purchase of homes categorized as social interest, in the form of mortgage loans through financial institutions and subsidies.
The nicaraguan government has announced a new subsidy on the interest rate for apartments´purchases worth up to $50,000 and constructed within buildings with no more than four floors.
In addition to this new incentive to purchase housing classified as social interest and in high rise form, the Ortega administration has announced that it will expand from $32 thousand to $40 thousand the maximum value of high rise housing that is eligible for the current interest rate subsidy.
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