Juliana Andrade
Reporter - Agência Brasil

Brasília – This year the Federal Mortgage and Savings Bank (Caixa Econômica Federal) (CEF), a state-controlled banking institution, reports that it will have US$4.9 billion for the housing sector. It is estimated that the private sector will have an additional US$2.7 billion.

According to the president of the CEF, Jorge Mattoso, the total, US$7.6 billion, is the largest amount made available in over two decades. He pointed out that last year the total amount was US$6.1 billion (with US$2.1 billion coming from the private sector).

"Our target is the low-income family. Last year 79% of our loans went to families with monthly incomes of up to US$670 (the equivalent of five minimum wages)," says Mattoso, adding that the increased availability of financial resources is the result of federal government policies and improvements in the legislation governing the sector.

Translation: Allen Bennett