At the end of 2022, the Ministry of Housing announced that the interest rate paid by cooperative members for loans will become 2%. This means a significant saving, since previously, from 2008, it was 5.25%. The resolution was celebrated by the members of the building cooperative, who have been asking for a lowering since the tariff was changed. Martín Fernández, president of the National Institute of Cooperatives.
The reduction of the interest rate for cooperating members after 10 years of claim
This decision was made because we understand that this is a fair statement. This comes from the house law, a law that in Uruguay is more than 50 years old and has allowed, among other things, the development of the cooperative sector and finally established a social interest rate for the construction of cooperative housing. In 2008, an increase in the interest paid on housing cooperative mortgages was established.
The subsidy was a power of the Ministry of Housing. Home is a necessity.
Cooperativity needs much more commitment from those who make public policies.
Here we had to start working hard in some areas that had been compromised. It needed the commitment of public policies.
It is in effect retroactively from March 2020 when the government takes office. Cooperatives are generally good payers, there is very little default.
A family that paid $17,000 for housing tuition will pay $12,000 for a 2-bedroom house. It makes access to housing cheaper, which we believe is extremely important.
When the numbers and calculations are finished, there will be no tax holidays.
More than an accounting issue, this is a matter of public order.
Reduction is a matter of justice, we had unequal situations in the housing association.
We try to promote cooperatives and we have managed to have very active partners within the government.
The investment budget in the Ministry of Construction continues to be 50% for the cooperative system. This is related to a commitment to good payers.
It is not only punctual payment, but not generating abuses with subsidies because the entire cooperative loses out.
