(Today Nicaragua) The eventual increase from US$20,000 to US$23,000 as the ceiling price for affordable housing is seen with good eyes by the construction sector in Nicaragua, which expects an increase in demand.
A spokesperson for the union of builders and developers in the country explained that if the increase is formalized more families will have access to financing at preferential interest rates, enabling them to buy a home through the Social Fund (FOSOVI).
“… Once the new ceiling is formalized, homes that cost US$23,000 will be included in the award of US$2,000 provided by the Nicaraguan Institute for Urban and Rural Housing (Invur), through FOSOVI to adjust to the payment for a deposit on a house.”
The increase in the ceiling price for social housing is good news for builders and property developers, who have sometimes expressed difficulties in selling this type of housing solution because a lot of families do not have access to financing. See: “Building Social Housing is Unprofitable”
Businessman Alberto Atha said that “… one of the purposes of increasing the ceiling price of houses of popular character is to motivate investors to continue to make social interest housing projects.”
Original article appeared at TodayNicaragua.com. Reposted with permission.