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JAN. 20, 2020

President Piñera Announces Injection of US$475 Million for Housing and Urban Infrastructure to Boost Economic Recovery

The initiative includes building 10,000 homes, generating more subsidies for families to own a house and creating jobs in the construction sector.

This Monday President Sebastián Piñera announced additional investment of US$475 million in homes and urban infrastructure to help reactivate the economy, helping 60,000 families to purchase their own home.

The plan calls for 10,000 homes to be built as part of the Social and Territorial Integration Program, in addition to 5,000 units for the Home Choice Solidarity Fund.

Thanks to this new influx of resources plus other funds allocated to regular programs this year and last, construction will begin on more than 100,000 new homes throughout Chile in 2020.

“We want Chilean families to accomplish their dreams, the dreams of owning their own house, a home, a new life, a new opportunity,” the President said, during on a tour of the San Alberto de Cerrillos housing project. He was accompanied by Housing Minister Cristián Monckeberg and Treasury Minister Ignacio Briones. 

The plan also earmarks 100 billion pesos for Participatory Paving programs, which will help renovate 300 kilometers of streets and roads and improve 214 kilometers of sidewalks.

“This social integration program is part of a new vision of a more integrated, more united society with a greater sense of community,” the President said.

The initiative will also have a positive impact on job creation. Projects organized by the Housing Ministry (Minvu) generated 477,960 jobs in 2019.

“The economic stimulus plan is intended to protect Chilean jobs, create more jobs for our fellow citizens, lead our economy away from slowdown and towards continued growth, and also help small- and medium-sized businesses," added President Piñera. 

The injection of additional resources is part of the Job Protection and Economic Recovery Plan totaling US$5.5 billion that was announced by the President last month. The plan is designed to boost micro, small- and medium-sized businesses, generate new jobs, help the most vulnerable families and strengthen public investment.

The President toured the 813-unit San Alberto de Cerrillos housing estate, located in the Bicentenario Park in the Santiago district of Cerrillos. The project will consist of two developments, one with three four-story buildings and another with three eight-story buildings.