The allocation of subsidies for the Mi Casa Ya program will begin on February 2, and some changes to the requirements and procedures have been announced for this year, the Ministry of Housing announced on Tuesday.
First of all, the Minister of Housing, Catalina Velasco, emphasized that at the beginning of the allocations of the Mi Casa Ya program in 2024, an improvement will be made that will benefit homes and builders: “the costs will be reduced from 85% to 70 % “percentage of work required in the valuation of the property as a condition of accessing the grant.”
Secondly, the Head of the Housing Portfolio also pointed out that financial entities, whether banks or cooperatives, can resume the process of uploading documentation to apply for the contract from January 22, 2024, with the aim of making progress in the first subsidy. appropriation resolution on February 2.
How will Mi Casa Ya work in 2024?
The allocation target for this year is 50,000 grants, which already have the allocated interest coverage. In addition, it has been determined that the allocation of subsidies will begin with the weekly opening of 1,700 slots.
In the same statement, the entity announced the provision of a total of 200,000 grants to the entire government.
This decision rejects the proposals of construction unions, such as Camacol, and experts who advocated increasing the number of subsidies as a strategy to reactivate the construction of new houses in Colombia and stimulate the sale of units, which have negative figures for almost an anus known.
How do you know how much the 2024 subsidy is?
This year, Mi Casa Ya presents a subsidy for the first payment equivalent to 30 minimum wages (about $39 million) for households classified in Sisbén’s A1 and C8 subgroups.
In the case of households located between groups C9 and D20, the subsidy will be equal to 20 minimum wages, that is, $26 million.
In addition, if the family shows interest in acquiring a property with priority interest (VIP), the government will provide cover at the mortgage loan interest rate equivalent to five percentage points.
For social housing (VIS), the coverage ratio will be four percentage points. It is important to note that these coverages apply to the home loan or lease, and this benefit will last for seven years.
Steps to apply for the Mi Casa Ya grant
- Select the VIS or VIP type of property you prefer.
- Go to the credit institution or solidarity economy entity of the household’s preference to start the home purchasing process.
- These entities perform an initial validation of the requirements through the platform managing the program, determining whether the Sisbén IV requirement is met (to D20), are not a homeowner and have not previously received housing subsidies or coverage.
- If these requirements are met, the mortgage loan or housing leasing will be managed by the credit institution or solidarity economy entity.
- These entities upload the required documentation to the Ministry of Housing, City and Territory platform: minvivienda.gov.co
Which homes are eligible for subsidies?
- Properties with priority interest (VIP): Up to 90 SMMLV ($104,400,000 in 2023).
- Maximum value of the home (VIS cap): Up to 135 SMMLV ($156,600,001 year 2023) or up to 150 SMMLV ($174,000,000 year 2023). This depends on whether the city where the property is located belongs to a municipality or district that applies the exceptional price in accordance with Article 2.1.9.1 of Decree 1077 of May 26, 2015, issued by the Ministry of Housing, City and Territory.
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Property type: New social housing in the countryside or in the city. New construction is defined as that which is in the project, in the pre-sale phase, under construction and that, once completed, has not yet been occupied.
The Ministry of Housing, City and Territory ranks the list of properties from highest to lowest score, with 100 being the highest score. Priority setting will take into account the criteria set out in Resolution 287 of 14 April 2023, issued by the Ministry of Housing, City and Territory, which governs the matter, and will depend on:
- The SISBÉN IV group.
- If the home is located in a rural or urban area.
- The category of the municipality.
- The type of VIP or VIS home.
- Victim of the armed conflict.
- Differential focus.
The pre-allocation program has already started
The Ministry of Housing has made available to the public the resolution establishing the rules for the pre-allocation scheme in the Mi Casa Ya program, aimed at housing of priority interest, that is, housing whose cost does not exceed minimum wage of 90.
In general, this allocation scheme allows families to create a “reserve” of the subsidy, facilitating the completion of the transaction and purchase at the pre-sale stage. This “reservation” is valid for 24 months after pre-allocation.
According to the Ministry of Housing, “this mechanism allows families to include the projection of the subsidy from the Mi Casa Ya program in their repayment plan, creating greater security in the real estate sector. Likewise, it improves access to mortgage loans. and to the builder, stimulating the start of new housing projects,” as described in the entity’s statement.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
