The Government has ordered the delivery of housing subsidies for families earning less than Colombian four monthly minimum wages.

According to provisions of the Colombian government, families that earn less than four month statutory minimum wage subsidies will have access to affordable housing.access to these resources can be made through the Family Compensation under quasi-fiscal resources or the National Housing Fund to the national budget.


Affordable Housing in Colombia

The Decree 4466 of 2007 states that Affordable Housing is: “Housing solution whose maximum value is 135 legal monthly minimum wage”, In Colombia this amounts to 73.3 billion pesos for the rural sector applies the Priority Affordable Housing to a maximum of 70 minimum wages 37.5 million pesos.Similarly subsidies for purchases of new housing, since one of the purposes of the Act is to promote employment, improvement of existing premises or construction site itself, which can be batch or terrace.

What are the requirements for receiving housing subsidies?

A family to access the subsidy must meet the following conditions:

* Having a home made, this may be a family or large mono nuclear.

* Planned savings worth more than 10% of the value of the home, which can be represented in layoffs, regular contributions or down payments paid to the project. This is a requirement for those who earn more than two minimum wages.

* If on-site construction can not own this mortgage or embargo should be completely legalized.

* Family income less than four statutory minimum wage.

* If the application for new housing is no family member can own housing.

* Never having received housing subsidies.

# Do not be a beneficiary of housing Territorial Credit Institute or subsidies for the same purpose in another Compensation Fund, INURBE, FOGAFIN, FOREC or any other public entity.

# Those who opt for the grant must have basic needs improvement or poor habitable buildings, for example, failure of the main structure, foundations, walls or roofs, lack or obsolescence of electrical or water supply networks

What are the procedures to access housing benefit?

First it is necessary to bring the form with supporting documents to the Family Compensation Fund to which it is affiliated, where applications are evaluated and each given a score that ultimately will be selected until all the highest number of grants.Once assigned the lucky family allowance has a period of 12 months to apply to a eligible project. The law stipulates that banks may be extended by agreement of the Board the term for 12 months. In the event that during the term has been applied not grant the family must waive in writing to the assignment to run again.

What is the amount of housing allowance in Colombia?

Families are classified according to money earned in a month, hence the subsidy, based on the logical law of compensation, whichever is greater for those earning less:

* For new housing can be allocated between 2,142,400 and 11,783,200 pesos.
* To improve housing to 6,159,400 pesos.
* For construction site itself is delivered to 9,640,800 pesos.
* For construction or acquisition of housing between 8,034,000 and 10,176,400 rural pesos.
* For rural housing improvement between 6,427,200 and 7,498,400.

These values ​​are per family, depending on the economic level and the particular needs of each and must be invested solely for the purpose for which he was nominated, which will be demonstrated for new housing if the actual purchase the eligible project, if construction on own site with the same evaluated by the technical committee of each Fund and to improve the bill labor and materials.Legal issues such as deed and can not afford to leave these resources.