Brazil Offers Zero Interest Loan, But Red Tape Makes It Hard to Get Money.

Brazil’s Ministry of Cities has US$ 154 million in this year’s budget to offer in the form of a line of housing credit for projects that qualify for the Solidary Credit Program, created to serve segments of the low-income population organized in cooperatives and associations.

The ministry’s projects manager, César Ramos, informed that the interest-free loans will mainly be approved for the country’s North and Northeast regions, where the housing deficit is greatest.

"Nearly 35% of the country’s housing deficit, for example, is concentrated in the Northeast. It is important for resources to be invested in the Northeast in the same proportion," Ramos explains.

He points out that the loans can be used for housing construction, property legalization, or the purchase of construction materials. "The line of credit is intended for individuals who earn up to three minimum wages (US$ 397)."

The Solidary Credit Program is meant solely for individuals organized in associations, cooperatives, or other non-profit groups, even though the loans are personal

The Ministry of Cites plans to hold various regional training seminars to expedite the formulation of projects. Last year most of the money was not used because people were not able to create the projects they were supposed to.

Agência Brasil

Tags:

You May Also Like

New World Bank Chief Wants a Can-Do Team While Brazil & Friends Won’t Do US Will

Global economic governance is flailing – and the Bush administration seems determined to deprive ...

Time to Share the Wealth in Brazil

José Dirceu, Chief of Staff of the Lula administration, says that everybody in Brazil ...

A Legacy of Rio Olympics: 4,000 Families Evicted

The official website for the Rio de Janeiro 2016 Olympic Games proclaims on its ...

Machinery in Brazilian farm

Favorable Expectations Make Brazil’s Machinery Sector Grow 16%

Brazil's capital goods industry grew 16% in the first two months of this year ...

Rio Group: Snubbing Washington and Pampering Havana

It comes as no surprise that after decades of playing the role of hemispheric ...

Presidential candidate Rousseff Wants More State Capital in Brazil’s Airlines

Dilma Rousseff, the Brazilian presidential candidate handpicked by president Luiz Inácio Lula da Silva, ...

Brazil Expecting Surplus of 1 Million Barrels of Oil in 6 Years

The discovery of giant reserves in the pre-salt layer led Brazil to believe that ...

Brazil, Very Unfriendly to Labor and Children, Says ICFTU

A new report by the International Confederation of Free Trade Unions (ICFTU) on core ...

Romi Made Brazil’s First Car. Now It Exports to Over 60 Countries

The history of Indústrias Romi S.A. is intertwined with the history of the machinery ...

Abbott Fell for Brazil’s Blackmail, Says US Group

An American group called USA for Innovation yesterday expressed its disappointment with the Government ...