Ecuador's President Daniel Noboa has proposed urgent economic legislation to reduce income tax for donations of social housing, as part of efforts to address a housing deficit of nearly two million units.
Ecuador's President Daniel Noboa has taken significant steps to address the country's housing deficit, which is estimated to stand at nearly two million units. He has sent an urgent economic law project to the National Assembly that aims to lower the income tax by up to 30% for those who donate social housing. This move is part of a broader initiative to combat the housing crisis and support low-income families in accessing adequate housing.
In addition to the proposed tax relief for donors, President Noboa announced an extension of the mortgage payment terms for social and public interest housing from 25 to 30 years. This change means that beneficiaries can have a longer period to pay off their housing loans, making home ownership more attainable for a greater number of Ecuadorians. The financial threshold for these homes includes social interest housing costing up to approximately $85,796, and public interest housing priced between $85,800 and $110,378, thus aiding a broader segment of the population.
The Vice Minister of Housing, Daniel Elmir, has expressed optimism regarding the government's efforts, stating that they aim to reduce the current housing deficit by at least 20% by 2029. This commitment signifies the government's recognition of the importance of addressing social issues and the housing crisis, which affects many citizens. The changes reflect an aggressive stance from the administration to improve living conditions and tackle the pressing issue of housing accessibility in Ecuador.
