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Expansion of Minha Casa, Minha Vida Seeks to Serve More Families and Improve Housing Financing Conditions in Brazil.
The government of Luiz Inácio Lula da Silva (PT) is evaluating the creation of a new tier in the housing program Minha Casa, Minha Vida. The idea is to include families with incomes between R$ 8,000 and R$ 12,000 per month, currently outside the program.
Pré-Sal Resources Can Enable the Measure
To make this possible, the government requested from the budget rapporteur, Senator Angelo Coronel (PSD-BA), an injection of R$ 15 billion from the Social Fund of the Pré-Sal.
The money would strengthen the financing of the existing tiers of the program. The aim is to release resources from the FGTS (Severance Indemnity Fund), allowing the creation of the new category.
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Currently, Minha Casa, Minha Vida serves low and middle-income families, with tiers that go up to R$ 8,000 per month. The middle class faces difficulties accessing funding for home ownership, as savings resources are scarce.
Details Still Under Discussion
The government is studying how these families will be served and what the property value limit will be.
Another alternative being considered is to allow the FGTS to purchase bonds from the Caixa’s mortgage credit portfolio, giving the bank more capacity for new loans.
The final decision on the rules has yet to be made. The proposal, however, seeks to serve an audience facing credit difficulties and may ease bottlenecks in housing financing.
The expansion of the program occurs at a time of declining popularity for the president, including among the middle class. To go into effect, the new tier requires a presidential decree and approval from the FGTS Curatorship Council.
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