Young homebuyers to get help with deposits

13th October 2004, Comments 0 comments

13 October 2004, MADRID – Younger homebuyers are to be targeted by the government in an effort to offer special aid to those hunting affordable housing, the Housing Minister said Wednesday.

13 October 2004

MADRID – Younger homebuyers are to be targeted by the government in an effort to offer special aid to those hunting affordable housing, the Housing Minister said Wednesday.

Maria Antonia Trujillo said forty percent of the 2005 EUR 887 million budget will be used to help pay for deposits on affordable housing.

This cash could pay between five and 11 percent of the price of a house.

Younger people or groups with special problems buying homes would be targeted to receive this new help, said Trujillo.

To qualify for this government help, home-buyers cannot earn more than three times the average wage - or must be on less than EUR 1,610 per month.

The housing budget is set to rise next year by over 31 percent, said Trujillo.

The Socialist government has set aside 347 million to help pay for the deposits.

One of the main pledges of the Socialist party during the general election campaign was that they would provide affordable housing, promising up to 800,000 new houses each year.

Many young Spaniards live with their parents until they are well into their thirties as they cannot afford to buy homes.

[Copyright EFE with Expatica]

Subject: Spanish news


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