Gov't expands income range for purchase of popular housing units

Families with a monthly income of up to $2.89 thousand will be entitled to apply for the Minha Casa Minha vida affordable housing program. The previous limit to be benefited by the initiative was $2 thousand.

The family ranges in the program had their boundaries adjusted by 7.69%. The plan offers more favorable loan conditions than regular credit for housing.

The maximum price of housing units under the program was raised, and changed according to their location. In the Federal District, São Paulo, and Rio de Janeiro, the ceiling will go from $72 thousand to some $77 thousand. In state capitals in the North and the Northeast, in turn, the upper limit will rise from $54.5 thousand to $57.7 thousand. The last adjustment had been made in 2015, when the third stage of the program was launched.

“What we see today is a virtuous combination of stimulus to the sector couples with the strengthening of a key social program—Minha Casa Minha Vida,” said president Michel Temer while announcing the changes. The government's concerns, he said, include the needs of the private enterprise and the social responsibility of generating employment.

In his address, Temer reiterated “there are signs” that Brazil's economic growth is resumed “no later than early this year.”

“I'm convinced that, with the valuable contribution of all, the country will defeat this recession, recover growth, and generate employment. The conditions for this upturn [are set.] The government is coherent, the people have strength, and Brazil has a course of action,” the stated.

The government also announced its goal of contracting 610 thousand housing units in the program this year, for all income ranges, which are numbered from one to three according to families' raw monthly income. In the first range, for instance, are families with a monthly raw income totaling $577.31.

Translated by Fabrício Ferreira

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