Mexico Boosts Housing Subsidy Despite Budget Cuts Reuters
go to original June 15, 2015

Mexico's finance ministry said it would raise a subsidy for home purchases by 32 percent to 11.135 billion pesos ($723 million) to support homeownership for poor families despite budget cuts unveiled earlier this year.

The original program, approved as part of the 2015 federal budget, allotted just 8.435 billion pesos for the subsidy.

The additional 2.7 billion pesos will be channeled to low income families, and directed mostly to financing new homes, deputy finance minister Fernando Aportela said.

Mexico announced spending cuts of about 0.7 percent of gross domestic product in January after plunging oil prices and tepid growth crimped government finances.

Mexico's housing industry, hit hard since the government shifted to a policy that favors apartment purchases over home developments far from city centers, began to recover in late 2013.

See the original at Reuters

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