Colombia approves $583M for low-income housing

(Photo: Colombia Noticias)

Colombia’s housing minister on Tuesday announced the government will invest $583 million for the building of 100.000 homes for low-income families.

Housing Minister Luis Felipe Henao Cardona announced that the Finance Ministry had already approved the funding.

“I am very pleased to deliver this news, because this program will favor 100.000 families in the country, 86.000 urban and 14.000 rural,” Henao was quoted as saying by radio station Radio Nacional de Colombia.

According to the minister, the program will help families to acquire a house without compromising more than 30% of their monthly income.

Henao said at the end of the meeting with the Finance Ministry that households with incomes up to 150% of minimum wage will receive a benefit of up to $7,900, whereas families earning between one and a half and two minimum wages will receive a benefit of up to $6,900.

According to the housing minister, the project will also have a positive impact on the generation of new jobs, as it is estimated to create approximately 100.000 work places in the construction sector.

The project runs parallel to a free housing project for the poorest of Colombians approved by the congress in 2012.

MOREColombia congress approves construction of free housing for poor


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