'Minha Casa Minha Vida'
'Social housing' or 'affordable housing' is a term used for homes built by a government for families with low incomes. Affordable housing units are rented or sold to families who fit the government criteria which is usually income-based.
Private investment in social housing is usually based on one of the following:
- Construction of affordable housing – generally the case in Brazil.
- Management of social housing – currently a popular investment vehicle in the UK.
Most governments run affordable housing programmes as a way of evening out social inequality and/or reducing housing shortages. Large-scale investment in social housing is popular in emerging markets and current hotspots are Brazil, China, Colombia and Saudi Arabia.
As the Brazilian economy has grown to become the 7th biggest in the world, the demand for housing has increased. Property supply can’t keep up with demand and added to this, millions of Brazilians – 3 million in Sao Paulo – live in sub-standard housing.
As a way of reducing the Brazilian property shortage and helping families to buy a home, the government introduced the Minha Casa Minha Vida social housing programme in 2009. The programme – which means 'My House My Life' – is building 3 million houses over 5 years. This big Brazilian investment has a government budget of R$100.6 billion (approx £40.2 billion/US$64.4 billion/€45.7 billion). The first phase of Minha Casa Minha Vida Brazil was launched in early 2009 and looks to build 1 million houses throughout Brazil. The government announced the start of the second phase with 2 million properties ¬in June 2011.
Minha Casa Minha Vida is aimed at low-income families and properties are given out depending on monthly wages:
- 1,600,000 properties for monthly income 0-3 times minimum wage (R$545).
- 1,000,000 properties for monthly income 3-6 times minimum wage.
- 400,000 properties for monthly income 6-10 times minimum wage.
Families who are eligible for a Minha Casa Minha Vida property get financial benefits such as low-interest on their mortgages and reduced property taxes. Thanks to this Brazilian social housing programme, millions of families will make their dream come true of becoming homeowners.
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