Brazilian families that earn up to five minimum wages will be eligible to receive loans and subsidies to purchase their own homes or buy construction materials.
The measure, which was announced today by the Ministry of Cities, will allocate US$ 476 million (1.2 billion reais) for this program. It is expected that 150 thousand families throughout the country will be benefitted.
The Minister of Cities, Olívio Dutra, informed that priority in the distribution of resources will be given to projects in partnership with municipal administrations, cooperatives, or neighborhood associations.
The national secretary of Housing, Jorge Hereda, explained that the loans will be repayable in up to 72 months.