Brazil to invest 34bn real in housing plan
Brazil’s government has unveiled a 34 billion real (£10.4 billion) package to increase the number of available homes and help the economy.
The country is aiming to reduce its housing deficit by up to 14 per cent, according to Dow Jones news agency, people looking for Brazilian real estate may be interested to learn.
My House, My Life will be partly financed by the government, which will provide 16 billion real in subsidies, while the remainder will come from other sources such as FGTS federal severance guarantee fund and the Banco Nacional de Desenvolvimento Economico e Social, the news provider reports.
Brazil’s president Luiz Inacio Lula da Silva announced in February the plans to build one million new homes by 2010 to revive market growth.
"The construction industry is extremely important for generating jobs, and providing dynamism to the economy and steel industry, above all, for the least skilled workers in the country," he said at the time.
