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With 59 votes, the Legislative Assembly expanded the State’s sovereign guarantee backing the financing agreement between the Fondo Social para la Vivienda (FSV) and the Central American Bank for Economic Integration (CABEI), raising the amount that can be guaranteed to US$103.7 million. The measure aims to strengthen housing programs that facilitate access to housing for different sectors of the salvadoran population.
The financing originally amounted to US$53.7 million, but on july 28, the BCIE approved a US$50 million increase, bringing the total amount to US$103.7 million. To make this extension effective, it was also necessary to increase the sovereign guarantee provided by the government.
The sovereign guarantee serves to back the financial obligations that the FSV assumes with the regional organization. With this expansion, the Fund will be able to continue using the financing to grant loans for affordable housing through various programs with terms tailored to the characteristics of the applicants.
One of these programs is “New Housing under Special Conditions” which provides financing for the purchase of new homes. Workers in the formal sector can access loan terms of up to 30 years, while individuals with variable incomes have financing options of up to 25 years.
There is also the “Casa Joven” program, aimed at people between the ages of 18 and 35 who are looking to purchase a new or used home. This program offers financing terms of up to 30 years, allowing beneficiaries to spread out their mortgage payments over a longer period.
For salvadorans living abroad, as well as those residing in El Salvador but receiving income from abroad, the “Vivienda Cercana” program is available. This program provides access to home loans with terms of up to 25 years.
Another option is Casa Mujer, which is aimed at female heads of household, single mothers, widows, or women in vulnerable situations, between the ages of 26 and 50. The program provides financing for new or used homes, with terms of up to 30 years.
The FSV also offers “Vivienda en Altura,” designed for the purchase of new or used properties located in high-rise buildings. Like other FSV programs, this option provides financing terms of up to 30 years.
Thus, the expansion of the sovereign guarantee makes it possible to support the increase in financing agreed upon with the BCIE and maintain the availability of resources for FSV programs. The measure includes options aimed at young people, women, salvadorans who receive income from abroad, and individuals interested in purchasing new or used homes or units in high-rise housing projects.
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