Brazil to Build 350,000 Low-Cost Housing Units
Brazil to Build 350,000 Low-Cost Housing Units
Published 18 September 2014
The announcement to expand the country's housing initiative comes just one month before the national elections.
Brazil plans to expand its low-income housing program known as “My House My Life” and build another 350,000 homes by 2015, said Finance Minister Guido Mantega on Wednesday.
Mantega also announced that the government would extend a current tax exemption on the construction of houses under US$42,400 (100,000 Brazilian reais) for an extra four-years.
The announcements pleased the local construction industry, which is due to see a major increase in productivity, only one month before the country's national elections. The industry warned of major layoffs if more contracts for 2015 were not announced.
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