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The recently approved Minha Casa Minha Vida program establishes the standards for the construction of affordable housing in Brazil. Therefore, a crucial aspect of the program is the segmentation into bands, according to family income. Band 1 is intended for low-income families, with income up to two minimum wages (R$ 2,640.00).
My Home My Life: quotas have been exhausted in 15 states
According to information released by Estadão/Broadcast, proposals for housing projects in band 1 of the Minha Casa Minha Vida program arrived from 15 Brazilian states, fulfilling the government's objective of creating new housing in these areas.
In summary, these states account for 74.8 thousand properties out of the 130 thousand units that the Ministry of Cities plans to contract in 2023 to assist low-income families in urban areas, with subsidies from the Residential Leasing Fund (FAR).
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Therefore, the period for construction companies to submit projects began on July 3 and accepts proposals of up to 120% of the contracting targets per state, except in the last band of the program, which may exceed this percentage.
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Interruption of new projects
Due to this rule, the Federal Savings Bank, which operates the Minha Casa Minha Vida program, had to stop accepting new projects for the following 15 states: Alagoas, Amapá, Amazonas, Bahia, Ceará, Goiás, Mato Grosso do Sul, Minas Gerais, Paraíba, Pernambuco, Piauí, Rio Grande do Sul, São Paulo, Sergipe and Tocantins.
However, after verifying the proposals already received by these states, to be completed in the next 30 days, Caixa may reactivate the system for new projects. In short, this action aims to ensure a fair distribution of the program's resources, benefiting low-income families throughout the country.
My Home My Life: learn more about the Housing Program
The Minha Casa Minha Vida housing program, launched in 2009 and managed by the Ministry of Cities, aims to provide affordable housing for low-income families in Brazil. With recent extensions, the income brackets served now reach up to R$8,000 per month in urban areas and up to R$96,000 per year in rural areas. Over the years, the program has provided more than 6 million housing units in the country.
Income brackets and property values
The Minha Casa Minha Vida program is segmented into income brackets, which establish monthly or annual income limits for each one. In urban areas, we have the following brackets:
1st bracket: monthly income up to R$ 2,640
2nd bracket: monthly income from R$ 2,640.01 to R$ 4,400
3rd bracket: monthly income from R$ 4,400.01 to R$ 8,000
In rural areas, the bands are:
Annual income up to R$ 31,680 for the 1st bracket
Annual income from R$ 31,608.01 to R$ 52,800 for the 2nd bracket
Lastly, annual income from R$ 52,800.01 to R$ 96,000 for the 3rd bracket
Property values also vary according to the ranges. In urban areas, the limits are:
Band 1 (subsidized): up to R$ 170,000
Tracks 1 and 2 (funded): up to R$ 264,000
Band 3 (financed): up to R$ 350,000
In rural areas, the values are:
New homes: change of maximum value from R$ 55,000 to R$ 75,000
Home improvement: value increased from R$ 23,000 to R$ 40,000
Interest rates and subsidy limits
The interest rates offered by the Minha Casa Minha Vida program are the lowest on the market and vary according to the family's income and region of residence. The maximum financing term is 35 years, allowing the acquisition of new or used properties.
It is crucial to consider the Government's official changes to social programs in general, to achieve the subsidies of each program, taking into account the advantages of programs such as Minha Casa Minha Vida, for example.
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