São Paulo – The Brazilian Federal Savings Bank (CEF) should disburse over 70 billion reals (US$ 40.6 billion) in housing financing in 2010, according to estimates disclosed by the bank today (9th). If confirmed, the forecast will mean growth of approximately 48% over the 47.05 billion reals (US$ 27.5 billion) disbursed in the whole of 2009. The bank is responsible for 52% of the funds allotted to real estate credit in Brazil.
The president of the institution, Maria Fernanda Ramos Coelho, ascribed the increase to the government’s housing policy, and the country’s good economic situation. "The macroeconomic foundations related to labour and family income enable this perspective not only for 2010, but also for the coming years," she said.
In total, the CEF has already signed 778,717 contracts for real estate financing this year, 355,358 of which under the federal government’s Minha Casa, Minha Vida (My House, My Life) housing program. The housing program has already reached 63% of its target of 1 million houses built, at 630,886 contracts, according to the president of the institution.
Out of those, 292,229 concern houses for families with incomes of up to three minimum wages. This bracket, however, was the one that had the lowest number of units delivered thus far, at 3,588 houses completed. A total of 160,883 units have already been delivered to their new owners.
The vice president of the CEF, Jorge Hereda, ascribed the figures to the time that it takes to complete the new projects. According to Hereda, a new house takes from 12 to 24 months to be completed, so there was not enough time to complete the new units.
By the end of the year, another 101,494 houses should be delivered under the Minha Casa, Minha Vida program, 78,086 of which should go to families with incomes of up to three minimum wages.
*Translated by Gabriel Pomerancblum
