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Chavez Announces Middle Class Housing Subsidy Ahead of Election

Venezuelan President Hugo Chavez announced a program to subsidize housing for middle class Venezuelans ahead of an October election.

Under the program, Venezuelans who earn between four and fifteen times the nation’s minimum wage of 2,048 bolivars ($476) a month would receive a government subsidy of at least 10 percent for a home purchase, Chavez said in comments on state television.

Venezuelans who qualify for the subsidy would make no down payment and repay mortgages at up to 11.42 percent interest over 30 years. Chavez’s plan calls for more than 20,000 homes to be built nationwide for the middle class.

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