|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Argentina

Argentine President Announces $3 Billion Housing Investment

BUENOS AIRES – Argentina’s President Mauricio Macri announced on Saturday the continuation of the Procreate Plan, a social housing program enacted by the previous government and expanded last year, and which will now be endowed with a budget of $3 billion (50 billion pesos).

The plan was originally conceived to help the “millions of Argentines who don’t own their own home because Argentina’s multiple phases of economic instability over the years have hindered their access to credit,” Macri said in announcing the expansion of the project in the town of San Miguel in Buenos Aires province.

Last year, the government invested $318 million in the plan, launched in 2012 by the administration of then-President Cristina Fernandez, and added a correction to the system of awarding loans in a way that would create home-ownership solutions for some 25,000 families.

As Macri said Saturday, while Fernandez was in power (2007-2015), the plan worked but with “imperfections” in who got the loans and for what, so it “ended up financing houses in gated communities” and not helping those who really needed it.

“Our concern here has to be for those Argentines who earn less than four minimum wages, who historically have never been able to get this help,” he said.

The president noted that of those $3 billion, almost $2 billion will be provided by the state-run Banco de la Nacion Argentina, which will allow the amount of housing loans to be “doubled.”

As established in the plan, every $63,700 loaned must be paid off at a rate of $150 a month for 30 years.

“This is clearly a revolution in mortgage credits and is all about people now doing things that for a long time they couldn’t do, so we’re talking about real happiness in the medium and long term,” Macri said, and described the plan as “marvelous” and “historic.”

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2018 © All rights reserved