The Mexican government is addressing the country’s affordable housing challenge with a new initiative that seeks to build one million homes and offer zero-interest mortgages.
Newsweek reported the administration of recently inaugurated President Claudia Sheinbaum’s Housing and Regularization Program will team the federal government and national housing institutions. The National Workers’ Housing Fund Institute will build 500,000 homes, and another 500,000 will be constructed by the National Housing Commission for those ineligible to participate in traditional public housing programs.
The zero-interest mortgages will be 30-year loans aimed at qualified borrowers within Mexico’s underserved homeownership communities, which are identified as female-led households, young people, indigenous populations and senior citizens.
“The focus of this program is to provide affordable housing to those in greatest need, especially young Mexicans,” said Sheinbaum, whose government is allocating approximately $30.8 billion to support housing development, especially in rural and underserved areas.
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LOL, communism is grand, isn’t it? What could go wrong?