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The recently approved Minha Casa Minha Vida program establishes the rules for building affordable housing in Brazil. Therefore, a crucial aspect of the program is its division into tiers according to household income. Tier 1 is intended for low-income families with an income of up to two minimum wages (R$ 2,640.00).
Minha Casa Minha Vida: quotas have run out in 15 states
According to information released by Estadão/Broadcast, proposals for Tier 1 housing projects under the Minha Casa Minha Vida program came from 15 Brazilian states, fulfilling the government's goal of creating new homes in these areas.
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In summary, these states account for 74,800 homes out of the 130,000 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).
Consequently, 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 program's last tier, which may exceed this percentage.
Read also: Expanded benefits: FGTS home purchase program to receive an increase;
Interruption of new projects
Due to this regulation, Caixa Econômica Federal, which operates Minha Casa Minha Vida, had to suspend the acceptance of 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 reviewing the proposals already received from these states, which is expected to be completed within the next 30 days, Caixa may reactivate the system for new projects. In summary, this action aims to ensure a fair distribution of the program's resources, benefiting low-income families throughout the country.
Minha Casa Minha Vida: 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 expansions, the income brackets now served 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 made more than 6 million housing units available across the country.
Income brackets and property values
The Minha Casa Minha Vida program is divided into income brackets, which establish the 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 brackets 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 brackets. In urban areas, the limits are:
Bracket 1 (subsidized): up to R$ 170,000
Brackets 1 and 2 (financed): up to R$ 264,000
Bracket 3 (financed): up to R$ 350,000
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In rural areas, the values are:
New homes: maximum value increased from R$ 55,000 to R$ 75,000
Improvement of a home: 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 purchase of new or used properties.
It is crucial to consider the Government's official changes to social programs in general in order to access each program's subsidies, taking into account the advantages of programs such as Minha Casa Minha Vida, for example.
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