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Mexico Announces New Housing Initiative for Low-Income Workers

Strategic Insights

— 1 min read

President Vicente Fox has announced a new initiative to provide mortgage loans to medium-income workers in Mexico. The initiative, set to launch on June 1, 2004, is a collaboration between the National Workers Housing Fund (Infonavit), the National Mortgage Bank (Sociedad Hipotecaria Federal - SHF), and commercial banks. The goal is to provide affordable housing options to low-income sectors of the population.

The SHF and the Trust Fund for Popular Housing (Fonhapo) will grant 17,500 Prosavi loans to low-income workers, while the National Fund for Economic Support for Housing will provide additional support. Fox emphasized the importance of social housing, stating that it is a priority for his government. As part of the initiative, a Single Housing Register will be established to streamline the work of developers and make it easier to build housing units.

Key Takeaways:

  • A new co-financing instrument will be launched to support medium-income workers with mortgage loans, starting June 1, 2004.
  • The National Mortgage Bank (SHF) and the Trust Fund for Popular Housing (Fonhapo) will grant 17,500 Prosavi loans to low-income workers.
  • The initiative aims to provide affordable housing options to low-income sectors of the population.
  • The National Fund for Economic Support for Housing will provide additional support for the initiative.
  • A Single Housing Register will be established to streamline the work of developers and make it easier to build housing units.
  • Between 500,000 and 575,000 housing units are expected to be built this year, with a target of 575,000 units.
  • President Fox emphasized the importance of social housing, stating that it is a priority for his government.

Statistics:

  • 17,500 Prosavi loans will be granted to low-income workers by the SHF and Fnahpo.
  • 500,000 to 575,000 housing units are expected to be built this year.
  • 575,000 is the target number of housing units to be built this year.
  • June 1, 2004, is the date set for the launch of the new co-financing instrument.

Sources:

  • El Universal
  • Corporate Mexico by Internet Securities, Inc. via COMTEX
  • COMTEX (http://www.comtexnews.com)

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