There are doubts about the future of the most emblematic program for home acquisition in Colombia.
News Colombia.
The program My House Nowwhich has been a fundamental pillar in public housing policy in Colombia, faces a critical situation following the announcements made by the National Housing Fund (Fonvivienda) through Circular 0012 of December 16, 2024.
The document, addressed to financial entities, family compensation funds, builders and beneficiaries, indicates drastic measures such as the suspension of additional subsidy allocations and the closure of the platform for new applications.
According to the circular, the quotas available for interest rate coverage, one of the main incentives of the program, have been exhausted.
This implies that households that did not achieve the necessary marking at the time of disbursing the mortgage loan or starting housing leasing contracts will no longer be able to access the benefit.
The measure is supported by article 2.1.1.4.2.3 of Decree 1077 of 2015, which establishes that subsidies are subject to budget availability.
In addition, credit establishments and other entities involved have the obligation to inform beneficiaries about this situation and follow the procedures previously stipulated.
Closing of registrations and restrictions on pre-assignments
Regarding the pre-allocation scheme for the family housing subsidy, Fonvivienda announced the closure of the registration platform for this modality.
However, households that already have the state “Applicant Preassignment – Compliant”They will retain their quota, although conditional on compliance with requirements and the availability of resources.
The new provisions include additional restrictions:
- No change of builder, project, type of home or composition of the family group will be allowed after pre-assignment.
- Allocation requests must be made within the validity of the year corresponding to the reservation of the quota.
- Program requirements must be met in full at the time of application.
Impact by 2025
The circular also confirms that additional applications to the program My House Now They will be suspended until 2025.
Only applications from households that are already registered in the “Interested – Compliant” status will be processed.
This decision, according to the Ministry of Housing, responds to projected budget availability and a more favorable macroeconomic environment, characterized by lower interest rates and controlled inflation.
See: Compensation funds, Frech VIS, rural, Mi Casa Ya, the FNA: housing subsidies in Colombia
The Government argues that these adjustments are necessary to guarantee an efficient and responsible distribution of resources to the most vulnerable households.
However, these measures generate uncertainty among current and future beneficiaries, who see the possibility of accessing their own home through state subsidies as increasingly distant.
With data and information from Portfolio.
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