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Latino Daily News

Sunday September 12, 2010

El Salvador Boosting Its Housing Sector

El Salvador will improve housing conditions for low- and middle-income families and boost the housing sector’s ability to equitably meet demand with the second phase of its multi-phase housing program and a total investment of $140 million.

The program will finance individual subsidies to help families acquire new homes or improve their existing properties. It will also provide collective subsidies to improve informal urban neighborhoods and help establish a legal framework to regulate the sale of low-cost lots, providing legal security to residents of informal urban communities.  The program will also directly improve housing conditions and quality of life for 32,000 households with incomes less than four times the minimum wage (equivalent to a total of US$830 per month). It will help raise property values in the targeted neighborhoods by 35 percent, provide residential drinking water and sewage systems for 7,400 families living in informal urban neighborhoods, improve primary and secondary roads, and finance measures to ensure that 40,000 lots are formally recorded and titled.

The social housing subsidies will help bridge the gap so that low income families can improve their homes and gain access to new properties in the formal market.  Additionally, collective subsidies will be financed for investments in basic infrastructure, development of community spaces, urban facilities, risk mitigation works, and property titling.