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‘Young Homeowners’ Program Launched in 2021: Clarification on Subsidy Claims and Program Details

Information has circulated in the media claiming that a subsidy for youth from the Ministry of Housing was eliminated. However, this program called ‘Young Owners’ was launched in 2021 and is not a subsidy, it is a line of credit from the National Savings Fund, FNA.

In 2021, the Ministry of Housing, then headed by Jonathan Malagón, launched the program with the name ‘Young Homeowners’, with favorable conditions for mortgage credit through the FNA with a preferential rate from 6.8% and to finance up to 90 % of the value of the home.

Content also circulates on social networks and web portals that claim that ‘Young Owners’ is a subsidy. However, there is no public document to support this point, while ‘Generation FNA’ has these same conditions and is aimed at young people between 18 and 28 years old.

In fact, the FNA reported that ‘FNA Generation’ has been very well received by the market, since there are currently current approvals worth $500,029 million with a total of 4,982 procedures. And 5% of the Fund’s total affiliates are from this program.

Laura Roa, president of the FNA, assured LR that “our program is ‘Generation FNA’ and it continues with total normality. In the last seven years we have not had a program with that name”, in reference to ‘Young Owners’, although in At the time (2021), the Ministry of Housing did title it that way.

This Thursday, the Ministry of Housing confirmed to this medium that the current Government does not actually have a program with the name ‘Young Homeowners’. While in a statement about the launch of this program in 2021, on the Ministry of Housing pageit was stipulated that the program was born as a response to the increase in unemployment after the pandemic, but it has that rate condition of 6.8% effective annually.

Laura Roa explained that “‘Generation FNA’ is the program we have for young people to be owners. It is a program where the rate starts at 6.8% effective annually, remember that in the Fund the rate is according to the range wage. This rate is because we reduced all our billboard rates by 70 basis points, which are 0.7% for mortgage loans and housing leasing for young people.” This program requires that the young person be affiliated with the FNA through layoffs or contractual voluntary savings.

It is important to clarify that ‘FNA Generation’ is not a new program, although the media has recorded it as such, since in 2022 it was published, on the FNA website, that the credit line was one year old. “The National Savings Fund celebrates that ‘Generation FNA’ completed one year on the market, a financing option that was born as support for the ‘Young Owners’ government program. “This is a line of credit specially designed for young Colombians between 18 and 28 years old, which has special benefits so that they can make their dream of owning their own home come true with the best rates,” which confirms that it is the same program launched in 2021 and simply changed its name.

2024-01-19 01:23:25
#Government #replace #housing #credit #Young #Homeowners

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