Background and Relevance
The Mexican government has announced an expansion of its “Housing for Well-being Program,” aiming to reduce housing backlog and ensure decent housing for millions of families. The Secretary of Agrarian, Territorial and Urban Development, Edna Elena Vega Rangel, revealed that the new housing construction target has increased from 1 million to 1.8 million units, benefiting 6.8 million people.
Key Players and Institutions
The construction of these new homes will be carried out by three key institutions: the National Housing Fund (Fovissste) with 100,000 units, the Housing Institute (Infonavit) with 1.2 million units, and the National Construction Fund (Conavi) with 500,000 units.
Progress and Achievements
Originally, 172,000 new homes were planned for 2025. However, the government now aims to start 395,000 homes, with 163,289 already initiated (42,825 through Conavi and over 120,000 by Infonavit). In home improvement, 263,462 aids have been delivered, accounting for 71% of the six-year target.
Infonavit’s Contribution
Octavio Romero, Infonavit’s director, announced that the 2025-2030 six-year target has been expanded by 140% from the original goal, with a projection of 1.2 million homes. These houses will have an average cost of 600,000 pesos, covering 60 square meters with two bedrooms, a kitchen, bathroom, living-dining room, service area, and parking space.
Finabien’s Role
Rocío Mejía Flores, Finabien’s director, explained the rental housing scheme where tenants’ payments are registered through the institution to ensure transparency.
Land Acquisition and Future Plans
Rodrigo Chávez, Conavi’s head, reported securing 303 plots with 866 hectares for constructing over 112,000 homes, with a target of 86,000 units by 2025.
Claudia Sheinbaum, the president, emphasized that these homes will be located near workplaces with access to public transportation and services, avoiding past administrations’ failures.
Loan Sustainability
“Credit limits should not exceed one-third of workers’ income. Today, credits are sustainable and no longer unaffordable like in the past,” Sheinbaum pointed out.
Key Questions and Answers
- What is the expanded housing target in Mexico? The government has increased its housing construction target from 1 million to 1.8 million new homes.
- Which institutions are responsible for building these homes? The National Housing Fund (Fovissste), the Housing Institute (Infonavit), and the National Construction Fund (Conavi) are constructing these homes.
- What is the six-year target for Infonavit? The 2025-2030 six-year target has been expanded by 140% from the original goal, with a projection of 1.2 million homes.
- How are tenant payments ensured in the rental housing scheme? Tenants’ payments are registered through Finabien to ensure transparency.
- What is the land acquisition plan for constructing new homes? Conavi has secured 303 plots with 866 hectares for constructing over 112,000 homes, with a target of 86,000 units by 2025.
- How are the new homes’ affordability and sustainability ensured? Credit limits do not exceed one-third of workers’ income, and today’s credits are sustainable and affordable compared to past administrations.
