Background on Infonavit and the Issue
Infonavit, the National Housing Fund for Workers (FONAVI), has identified 168,000 abandoned or vandalized homes in collaboration with the Secretariat of Well-being. Out of these, 145,000 are occupied by individuals who obtained credit but stopped payments, or by irregular occupants. An additional 23,000 homes are in a state of abandonment or vandalism.
Infonavit’s Plan to Address the Issue
Under the guidance of Octavio Romero Oropeza, Infonavit’s director, a program is being developed to allow individuals who have invaded these properties to rent them with the option to purchase, even if they are not Infonavit beneficiaries.
“The instruction from President Claudia Sheinbaum is to communicate with each of these occupants and find a solution. We will not evict irregular occupants, but we will inform them that they will never be the legal owners if they do not regularize their status,” Romero Oropeza explained during the Mañanera del Pueblo press conference.
He further stated, “We propose that they can acquire the property at a very affordable price through a rent-to-own scheme, even if they are not Infonavit beneficiaries.”
Regarding the original homeowners, who allegedly abandoned their properties due to lack of basic services, remote locations from work centers, or unsustainable credit terms, Romero Oropeza mentioned that a solution is being prepared.
“Our goal is to regularize these non-beneficiaries. If there are still original owners, we will restructure and reprogram their credit so they can keep the property or receive a replacement. There is a significant amount of abandoned housing that will be rehabilitated and repurposed to provide regularity to this chaotic situation.”
Credit Freeze Measures
As part of the solutions for over 4.155 million unpaid credits identified by Romero Oropeza’s administration within Infonavit, salaries, interests, and monthly payments have been automatically reduced for 915,000 cases.
“These individuals have already received interest rate reductions, lower monthly payments, and reduced balances. Now they are in a position to stay in their homes and pay without any issues,” said Romero Oropeza.
It is expected that by the fourth quarter of the year, an additional 1.665 million financing will benefit automatically from these measures. Furthermore, a comprehensive solution product is being prepared for the remaining troubled credits.
Key Questions and Answers
- What is Infonavit? Infonavit is a Mexican government-run housing fund for workers, providing credit for building or buying homes.
- Who are the original homeowners? These are individuals who obtained credit from Infonavit for housing but allegedly abandoned their properties due to lack of basic services, remote locations from work centers, or unsustainable credit terms.
- What is the new Infonavit program? The program offers rent-to-own options for individuals who have invaded abandoned homes, allowing them to eventually purchase the property at an affordable price, even if they are not Infonavit beneficiaries.
- What measures have been taken for unpaid credits? Salaries, interests, and monthly payments have been automatically reduced for over 4.155 million unpaid credits identified by Infonavit’s administration.
- How many more financing will benefit from credit measures? An additional 1.665 million financing are expected to benefit automatically from these measures by the end of the year.
