az Alert | Project creates State Guarantee Fund to boost first home purchases

It also proposes a Construction Support Guarantee Program for companies in the real estate sector.

On January 9, 2023, by means of a presidential message, a bill was introduced in the Senate that seeks to create a Special Guarantee Fund for the construction and purchase of first homes.

This fund will be of a permanent nature with a fiscal contribution equivalent to USD$50.000.000, allowing to guarantee credits and other financing mechanisms with the purpose of covering particular needs for the construction and sale of houses.

The guarantees of this project seek to encourage both supply, by means of a subsidy aimed at companies in the real estate and construction sector with annual net sales over 100,000 UF (and not exceeding 1.000.000 UF), and demand through a State Guarantee of up to 10% of the value for the acquisition of first homes (whose value is less than 4.500 UF).

The bill was approved by the Senate and is currently in its second constitutional procedure in the Chamber of Deputies. Since it will be discussed immediately, its approval is expected to be expeditious, and it is estimated that it will be approved at the end of January or beginning of March, considering that during the whole month of February there is a legislative recess.

For more information on these topics please contact our group azInmobiliario:

Álvaro Rosenblut | Partner | arosenblut@az.cl

Valentina Palma | Associate | vpalma@az.cl

Raimundo Busquet | Associate | rbusquet@az.cl