Tuesday 22 June 2021

New Law Allows Access To “Bono” For Construction of Second Home On Same Lot

New law allows the building of a second dwelling on the same lot provided it is for use of a relative.
New law allows the building of a second dwelling on the same lot provided it is for use of a relative.

QCOSTARICA – A new law will allow families to access a “bono” (housing bond) to add a second family dwelling on the same lot, provided the persons are connected up to third degree of consanguinity.

The law (Ley 18877) approved in second and final debate this week will optimize the available funds in the National Financial System for Housing (Sistema Financiero Nacional para la Vivienda – SFNV). Legislators has approved in first reading of the draft bill on March 17.

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The Minister of Housing and Human Settlements (Ministro de Vivienda y Asentamientos Humanos), Rosendo Pujol, explained that this law would reduce the costs of housing, particularly in places where land is more expensive and the state has great difficulty in providing them.

The law allows families who have received “bonos” to obtain a second, for example to build a second floor or another apartment within the same property, for the use of a relative. This is particularly beneficial in the case of families with large lots, always if and when environmental regulation permits it.

The new bond is added to the portfolio of options offered by the Mortgage Housing Bank (Banco Hipotecario de la Vivienda – BANHVI) which currently manages a budget close bonds to ¢80 billion colones annually. Of that amount, resources for this new option will be allocated on demand.

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Source: Casapresidencial.go.cr

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