2024-11-12 11:20:00
On Monday evening, Javier Milei’s government made a surprise announcement of the end of Procrear, one of the main Kirchnerist housing programs promoted by his successive governments. Presidential spokesman Manuel Adorni announced the news through his account on the social network X (formerly Twitter). As he explained, The Procrear program, as it is known so far, “will cease to exist.”
Announcements on social media have become a regular tool of Javier Milley’s government, which has previously used the same media to cover the renaming of the Néstor Kirchner gas pipeline and the deregulation of the postal service.
Adoni pointed out in his speech: «Two economic news: Starting tomorrow, the Procrear program as we know it will cease to existIn addition to this, real estate projects are being developed that will begin to allow divisible mortgages. Excellent management by Luis Caputo (Economy Minister). ending”.
Two pieces of economic news: Starting tomorrow, the Procrear program as we know it will cease to exist. In addition, real estate projects under development will begin to allow “divisible mortgages”.
Excellent management by Louis Caputo.
fin.
— Manuel Adoni (@madorni) November 12, 2024
According to government sources, the measure will be officially published in the official gazette in the next few hours. This change in housing policy is the first in an ongoing series of adjustments to social programs, pending the final restructuring that the new government intends to implement.
Pocrear will cease to exist: what will be the fate of ongoing works
Although Procrear will no longer exist as a federal program, the government is currently analyzing the fate of ongoing projects. The idea is to transfer the completion of these urban developments to the corresponding provinces or municipalities.
According to the executive, the management plan was implemented in August, when agreements were signed with the following provinces: Catamarca, Chubut, Corrientes, La Rioja, Mendoza, Misiones, Rio Negro, Salta, San Luis, Santa Fe, Santiago del Este Luo, Tierra del Fuego and Tucumánso that they can complete pending progress.
An official source told Infobae “Every piece of work being done is under review” The government evaluates each project individually.
Financing for these developments is provided mainly by Banco Hipotecario and in some cases by the Fund for Social Urban Integration (FISU).Since April this year, the project has been under the jurisdiction of the Ministry of Economic Affairs.
Ending of Procreate and changes to trust funds
The closure of Procrear also means adjustments to the management of public trust funds provided for in Article 5 of the Basic Law. The regulation gives the executive authority to amend, convert, consolidate, dissolve or liquidate the above-mentioned funds in accordance with the specific rules of each fund. Within this framework, the Miré government has the power to intervene and restructure the funds to bring them into compliance with current regulations.
Procrear since its creationis a housing program designed to facilitate access to housing for thousands of Argentines, providing easy credit and an extensive urban development network in several provinces.
However, the new government believes The scheme is inconsistent with its management approach and seeks to introduce new forms of financingsuch as divisible mortgages, designed to encourage the development of private real estate projects.
As soon as this news came out, it immediately aroused social reaction Beneficiaries of the Procrear credit and those still waiting for housing in ongoing urban developments. D
The government pledged to organize the transition and seek agreements with the provinces to prevent ongoing works from being completed. Furthermore, they stressed that the new financing instrument “will bring greater autonomy to local jurisdictions and contribute to the recovery of the real estate sector in the medium term.”
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**Interviewer:** Welcome, and thank you for joining us today. We’re here with Manuel Adorni, the presidential spokesman for Javier Milei’s government. Manuel, the announcement regarding the end of the Procrear housing program has caused quite a stir. Can you explain the rationale behind this decision?
**Manuel Adorni:** Thank you for having me. The decision to end the Procrear program comes as part of a broader strategy to restructure social programs that we believe are not effectively meeting the needs of our citizens. Our administration is keen on implementing new economic strategies, including the introduction of “divisible mortgages,” which we believe will foster a more flexible housing market.
**Interviewer:** The Procrear program was a cornerstone of Kirchnerist housing policies for years. How do you respond to critics who say this will exacerbate the housing crisis in Argentina?
**Manuel Adorni:** We understand the concerns, and it’s important to clarify that while Procrear as we knew it will cease to exist, ongoing projects will be evaluated and, if viable, handed over to local governments to complete. This transition aims to ensure that housing developments continue to progress without a significant disruption.
**Interviewer:** You’ve mentioned real estate projects that will allow for divisible mortgages. Could you elaborate on how these will work and the potential impact on the housing market?
**Manuel Adorni:** Absolutely. The idea behind divisible mortgages is to allow individuals to share the payment responsibilities with others, making homeownership more accessible. This innovation is intended to stimulate the housing market and respond to the diverse needs of our population, especially as many young people are struggling to afford homes.
**Interviewer:** There’s a lot of interest in how local governments will manage the handover of ongoing projects. How will you ensure that these transitions are smooth?
**Manuel Adorni:** We are currently in discussions with various provinces to finalize these arrangements. Each project will be reviewed individually, considering factors like progress and financing. We believe that local governments can be more responsive to community needs, and our goal is to facilitate that process efficiently.
**Interviewer:** what should citizens expect from the Milei administration in the coming months following these changes?
**Manuel Adorni:** Citizens can expect continued engagement from our government regarding economic reforms. We are committed to transparency and will be communicating these changes through various channels, including social media, which has become a key tool for us. We will also ensure that they remain informed about ongoing projects and any new developments in our housing policies.
**Interviewer:** Thank you for your insights, Manuel. It’s clear that these changes will have a significant impact on housing policy in Argentina. We appreciate your time today.
**Manuel Adorni:** Thank you for having me.
