President Enrique Peña Nieto, signed the enactment of the Amendment to the INFONAVIT Law. He also witnessed the signing of the agreement between the Association of Mexican Banks and the Institute, which lay the foundations for providing better mortgage services for those affiliated to the Institute.
The objective: for more workers, especially those with lower incomes, to exercise their right to decent housing and for more families to fulfill their desire to have their own assets.
It has been shown that conditions exist in the domestic market conditions exist in the domestic market for the housing industry to accelerate its growth and for INFONAVIT to hasten the provision of its mortgage credits. The government will therefore continue to promote innovative solutions to expand its credit supply and reinforce its financial solidity.”
“Today, we have taken a step in that direction through the enactment of the Amendment to the INFONAVIT Law, which creates the legal framework for adapting the financial operation of the Institute to the constitutional reform that allows de-indexation from the minimum wage.”
This modification, de-indexation from the Minimum Wage, is essential to preventing financial imbalances, in managing the institute’s assets and liabilities. The point is to support, particularly those with the lowest incomes, through co-financing by the Institute and private banking.
And the aim is to focus efforts on low-income families, and finance housing, as well as providing support and subsidies granted by the government, through different instruments.
Through the signing of the agreement between the Association of Mexican Banks and INFONAVIT, the Institute will build on Financial Reform, on the basis of a partnership with private banks to offer better credit and lower the cost paid by workers for their mortgages.
“This agreement proves once again that Mexican families are the main beneficiaries of the sweeping reforms adopted in this administration.”
INFONAVIT’s achievements during this administration are part of the context of structural change brought about by the new National Housing Policy, with four key objectives:
1. Achieve greater and better Interinstitutional Coordination;
2. Shift towards a Sustainable, Intelligent Urban Development Model;
3. Responsibly Reduce the Housing Lag and
4. Ensure Adequate Housing for Mexicans.