mexican housing Program helps youth get into the housing market.

Grants announced for young home buyers

Up to 80,000 pesos available to help young people buy first home

A federal government program designed to help young people buy their first home was officially relaunched in Colima yesterday with an additional 3,000 housing subsidies announced.

Agrarian Development and Urban Planning (Sedatu) Secretary Rosario Robles announced that young men and women who earn up to five times the minimum salary (currently 80 pesos daily) are eligible to receive grants of between 45,000 and 80,000 pesos (US $2,500 – 4,500) to help them get a foothold in the housing market.

Beneficiaries must be aged between 18 and 29, married or in a de-facto relationship, have savings of 5% of the value of the home they wish to purchase and, in the case of building a new home, have their own land.

The grant can be used to help service mortgages for the purchase of existing or new homes, including houses built by Sedatu or other government housing institutes such as Infonavit and Fovissste.

The new grants will be available nationwide.

Speaking at the launch event, Robles — flanked by state Governor José Ignacio Peralta and the heads of the National Housing Commission (Conavi) and the Mexican Youth Institute (Imjuve) — highlighted the importance of state and municipal governments in making a financial contribution to the efforts to make housing more affordable.

A right to housing is enshrined in the Mexican constitution.

“With the launch of this program in the country, there will be 3,000 [additional] homes for young people under the subsidy scheme of the federal government. It’s direct support to the hip pocket of young people so that their monthly payments are less,” Robles remarked.

Governor Peralta also praised the initiative, which includes 300 new dwellings for young people in his own state and 500 in neighboring Jalisco.

“If there is something that allows us to fight poverty, it’s access to housing for Mexican families because before it was very complicated and now mechanisms have been created through Sedatu that enable dreams to become reality.”

Government support for 50 homes for families of police officers in the state was also announced yesterday.

The Vivienda Joven (Young Housing) program has benefited 19,607 young people since it was introduced by President Enrique Peña Nieto in 2014.

Robles stressed that young people are a priority of the current federal administration and that helping them to buy their own homes was a key focus.

“Today, three out of every 10 homes that we hand over are for young people through the Vivienda Joven program, through Infonavit or through Fovissste because the subsidy that we grant . . . allows young people to have access to a loan and a home.”

A survey of Mexico’s youth by the National Statistics Institute (Inegi) found that just 4.2% of young people live outside their parents’ home and the biggest barrier facing those who want to leave home are high rents, especially in larger cities.

Source: El Universal (sp)

Reader forum