Brazilian President Luiz Inacio Lula da Silva's government could triple to 3 million the number of homes it will build under its flagship low-income housing plan, underscoring the program's success after its first year. The low-income housing scheme has proved to be a success so far this year, with the original plan being to build just one million new properties.
Paulo Safady Simao, president of the Brazilian Construction Chamber, claimed that an announcement could be made on April 29th, when president Luiz Inacio Lula da Silva is slated to release a new version of the program, according to Reuter’s reports.
Originally, the $20 billion (£13.3 billion) plan, which started in March 2009, as part of an emergency package to help Brazil's economy fend off the global recession, had an initial goal of 1 million homes to be built by 2011, officials claimed that around 60 per cent of Brazilian property in the scheme had been sold. The scheme also involves loan guarantees and subsidies to entice low-income households to buy homes.
In a boost to the local property market, Mr. Simao said the government will focus on sponsor home financing for the poorest families, with incomes below three times the minimum wage which affects more than 30 million workers and retirees. Simao who did not give a time estimate for the project's completion noted that the plan's second phase will probably require up to 72 billion reais ($40 billion) in subsidies and loan guarantees. The money will come from the federal budget, he added.
According to Businessweek reports, Rodrigues will soon own a two-bedroom apartment near Sao Paulo. He'll get a cash grant covering a quarter of the $52,000 price and a discounted 30-year mortgage, so he'll pay just $220 a month—half what a conventional loan would have cost. "This is an incredible opportunity," the 31-year-old says, smiling broadly as he hands in paperwork to seal the deal.
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