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Citizen requests are flooding the website of the National Administration of Social Security (ANSES), as the Procrear credit program opens up to funding queries for new housing construction and mortgage loans.
The program primarily targets owners of land seeking to finance construction on their properties. Yesterday, however, President Cristina Fernández de Kirchner decreed a new plan to address relocation and mortgage financing.
The government has published a list of 86 properties, totalling 1820 hectares throughout all provinces, which will be the sites of new housing developments. These include Rosario, Mendoza, La Plata, and Buenos Aires, each with areas set aside for new housing.
Following yesterday’s decree, query submissions on the ANSES web site have quadrupled, bringing in approximately 150 visits per second. Of the requests made so far, 56% have come from people who currently own land, while 43% have come from individuals without land, seeking mortgage loans or relocation.
The Procrear program is aimed at boosting economic activity, creating jobs, and providing solutions to the housing problems of low-income families. While acknowledging that there is a relatively large amount of credit available through major public and private banks, yesterday’s decree also cautioned “the conditions are highly restrictive for potential applicants of different income levels.”
Mortgage loans will be financed through a state-supported trust offering fixed interest rates between 2% and 14%, for plans up to 30 years. People of lower income will have access to smaller loans for which the monthly fee does not exceed 40% of their income. The system will receive additional funding through bonds issued by the trust.
“[This project] is a safe investment for ANSES resources,” said ANSES chief Diego Bossio. “When a loan is designed with affordable terms, people pay.”