The Buenos Aires government recently launched the Buenos Aires CREA program, which will grant 50,000 loans at a 0% interest rate for the reform, renovation and expansion of homes. It is an initiative that has three credit lines to improve houses in the province.
The amounts of the credits will be determined in Housing Units (UVIs), will be settled in pesos and will have an update of the capital by HogarBA coefficient. The fee cannot exceed 25% of the beneficiary’s monthly income.
The lines of the CREA program are the following:
- Minor spare parts, with amounts up to $185,000 and repayment in 36 monthly installments;
- Major spare parts, which amounts to $370,000 and its return will be in 72 monthly installments;
- Extensions, with a cap of $740,000 and repayment in 72 monthly installments.
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The purpose of the plan, it was indicated, is not only that more Buenos Aires families can improve the conditions of their homes, but also to boost the economy, promoting construction and job creation.
It was specified that it will be given preference to those works of repairs and repairs in ceilings, walls and floors; construction of bathrooms and kitchens; adequate finishes and improvements to ceilings, walls and floors; extension for additional rooms; adaptations for people with disabilities; and optimization of energy efficiency of the house.
This year, reported from the government, 50,000 credits will be granted at a 0% interest ratewhich they estimate will generate 16,000 jobs, with an investment of $20,000 million and by 2023 it is estimated that 50,000 more loans will be granted with an investment of $20,000 million.
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“This is a program that we can promote from the recovery of the Housing Institute, which after being abandoned for four years is back on track to address the housing problem in all its dimensions,” said Governor Axel Kicillof when he presented himself. the program at Alberti.
The program has 8,000 homes under constructionbut adds the lines to expand and renovate houses that are not in habitable conditions.
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It was also ensured thate Priority will be given to large families or those with members with a disability; single parent households; people in situations of gender violence; trans people; and people from Buenos Aires who live in neighborhoods situation of social or environmental vulnerability.
Among the requirements, it is established that you must live in the house that is intended to be refurbished; demonstrate income of between one and five minimum wages; and owning a single family home. How can people sign up to receive the benefit? Registration will be made through the website of the Buenos Aires government.
“One of the first needs that we identify is that of those people who have their home but need to improve it, renovate it or expand it because the family has grown,” said the Minister of Habitat and Urban Development, Agustín Simone.
It is estimated that about 80% of the housing deficit in the province of Buenos Aires is explained by the need to improve and refurbish existing homes.
According to official calculations, the quotas today oscillate between $5,000 and $10,000 per month, and “cannot grow above the variation of salaries in Argentina.”