The Daily Journal — Venezuela’s Acting President Delcy Rodríguez announced Wednesday a special financing and subsidy program for families who lost their primary homes in the recent twin earthquakes. The initiative combines mortgage loans from public and private banks with direct government subsidies for home purchases.
According to the Presidency, the program will allow displaced families to purchase homes available on the secondary market through 25-year mortgage loans and partial government subsidies.
“I also want to announce to those who lost their primary homes as victims of this twin earthquake that both public and private banks are now ready to provide mortgage loans for home purchases in the secondary market,” Rodríguez said, according to a statement from the Presidential Press Office.
The Venezuelan government estimates that approximately 25,000 homes will be needed to assist families affected by the June 24 earthquakes.
Venezuela renace fund
Rodríguez said the program will receive financial support from the Venezuela Renace Fund, which the government created to help affected families purchase homes.
“The price of the home will receive a direct subsidy from the Venezuela Renace Fund,” she said.
According to official information, the program includes two levels of assistance based on the property’s value.
For homes priced at up to US$70,000, the Venezuela Renace Fund will cover 80% of the purchase price, while the remaining 20% will come through a 25-year mortgage loan.
For properties valued between US$70,000 and US$100,000, the government will subsidize 50% of the purchase price, and banks will finance the remaining balance through a mortgage with the same repayment period.
The Presidency said public and private banks will implement the program jointly to speed up housing solutions for families who lost their homes because of the earthquakes.
Authorities have not yet specified how many families will benefit during the first phase or how much funding the Venezuela Renace Fund will allocate to the program.
