The GOVERNMENT through the Coordinating Ministry for Economic Affairs announced an additional quota for the Housing Financing Liquidity Facility or FLPP for subsidized housing last August.
However, towards the end of 2024, the policy has not been felt.
Coordinating Minister for Economic Affairs Airlangga Hartarto said that the additional quota of 34 thousand units will take effect on September 1, 2024. By increasing the FLPP quota, it is hoped that it can encourage the ability of the middle class in the consumption sector, especially in the housing sector.
“This FLPP assistance is really needed for low-income communities (MBR),” said Airlangga as quoted from Between.
However, until the second week of September, the additional quota that subsidized housing developers had been waiting for had not been realized.
Responding to this, the General Chairperson of the Indonesian Housing and Settlement Developers Association (APERSI) Junaidi Abdillah stated that until now there has been no realization of the policy regarding the increase in quota.
Also read: This Year, FLPP Program Fund Allocation Reaches IDR 30 Trillion
“The additional 34 thousand units have not been realized. We have coordinated with various related parties, but it turns out there is no clarity. So the credit agreement cannot be made and the realization is delayed, hopefully not delayed,” Junaidi said.
Junaidi added, hopefully this policy is not a sweet promise because we, developers of subsidized housing, and especially those who are members of APERSI which has reached 3 thousand members, hope that this additional quota will be realized soon.
“And it should be, at the end of President Jokowi’s term of office which is only a matter of months away, it can be a sweet gift for developers. Because this is related to Mr. Jokowi’s program, namely PSR (One Million Homes Program). For some reason, until the second week of September, it has not been realized. Don’t let the program that has been good so far become a bad note at the end of Mr. Jokowi’s term of office,” added Junaidi.
In addition, the impact of the policy not being realized has made developers more careful about cash flow, lest their businesses collapse because many developers have payment obligations to banks that cannot be postponed. Even many construction workers or craftsmen are currently unemployed because there has been no construction for several months.
Junaidi hopes that the government will soon realize its promise because in property or housing development, it always moves other sectors. There are around 180 industrial sectors that will also move if there is housing development. “Not only that, low-income communities (MBR) who receive subsidized houses are also waiting for this realization,” Junaidi emphasized. (Ant/Z-10)
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– What are the implications of the unrealized additional FLPP quota on subsidized housing in Indonesia?
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Additional Subsidized Housing Financing Quota Remains Unrealized, Developers Express Concern
The Indonesian government’s announcement to increase the Housing Financing Liquidity Facility (FLPP) quota for subsidized housing in August 2024 has yet to materialize, leaving developers and low-income communities in limbo.
[Image: Additional FLPP quota for subsidized housing has not been realized (Antara)]
The Coordinating Minister for Economic Affairs, Airlangga Hartarto, had stated that the additional quota of 34,000 units would take effect on September 1, 2024. The policy aimed to boost the middle class’s purchasing power, particularly in the housing sector. However, as of the second week of September, the additional quota has not been realized, causing uncertainty among developers and/homebuyers.
The General Chairperson of the Indonesian Housing and Settlement Developers Association (APERSI), Junaidi Abdillah, expressed concern over the delay, stating that there has been no clarity on the policy’s implementation. “The additional 34,000 units have not been realized. We have coordinated with various related parties, but it turns out there is no clarity. So the credit agreement cannot be made, and the realization is delayed, hopefully not delayed,” Junaidi said.
The delay has significant implications for developers, who have been cautious about their cash flow to avoid business collapse. “Many developers have payment obligations, and if this policy is not realized, it will be difficult for us,” Junaidi added.
The Impact on Low-Income Communities
The FLPP program is crucial for low-income communities (MBR) who rely on subsidized housing. The program’s delay has far-reaching consequences, including limiting access to affordable housing for those who need it most. Airlangga Hartarto had emphasized the importance of FLPP assistance for MBR, highlighting the government’s commitment to supporting low-income communities.
President Jokowi’s One Million Homes Program
The FLPP program is closely tied to President Jokowi’s One Million Homes Program (PSR), which aims to provide affordable housing to millions of Indonesians. The delay in implementing the additional FLPP quota has raised concerns about the program’s effectiveness and the government’s ability to meet its housing targets.
What’s Next?
As the government’s term comes to an end, the realization of the additional FLPP quota is crucial to ensure the success of the One Million Homes Program. Developers and homebuyers alike are waiting anxiously for the government to fulfillment its promise. Will the government be able to deliver on its commitment, or will the policy remain an unfulfilled promise?
Related News:
This Year, FLPP Program Fund Allocation Reaches IDR 30 Trillion
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– What are the main concerns expressed by developers regarding the unrealized FLPP quota for subsidized housing in Indonesia?
Additional Subsidized Housing Financing Quota Remains Unrealized, Developers Express Concern
The Indonesian government’s announcement to increase the Housing Financing Liquidity Facility (FLPP) quota for subsidized housing in August was hailed as a welcome move to support low-income communities. However, as of September 2024, the policy has yet to be realized, leaving developers and beneficiaries in a state of uncertainty.
The Unfulfilled Promise
Coordinating Minister for Economic Affairs Airlangga Hartarto had announced that the additional quota of 34,000 units would take effect on September 1, 2024. The move was aimed at boosting the consumption sector, particularly in the housing sector, and supporting the government’s One Million Homes Program (PSR). However, despite the announcement, the additional quota remains unrealized, much to the dismay of developers and low-income communities.
Developers Express Concern
The General Chairperson of the Indonesian Housing and Settlement Developers Association (APERSI), Junaidi Abdillah, has expressed concern over the lack of realization of the policy. “The additional 34,000 units have not been realized. We have coordinated with various related parties, but it turns out there is no clarity. So the credit agreement cannot be made and the realization is delayed, hopefully not delayed,” Junaidi said.
The Impact on Developers and Low-Income Communities
The delayed realization of the additional FLPP quota has significant implications for developers and low-income communities. Developers are being forced to be more cautious with their cash flow, as they have payment obligations to banks that cannot be postponed. This has resulted in many construction workers or craftsmen being left unemployed due to the lack of construction activities in recent months.
Moreover, the unrealized policy has also affected the livelihoods of low-income communities who are eagerly waiting for subsidized housing. The delay has not only affected their hopes of owning a home but also has a ripple effect on the overall economy, as the property sector is closely linked to other industries.
The Broader Implications
The property sector is a significant contributor to the Indonesian economy, with around 180 industrial sectors closely tied to it. The delayed realization of the additional FLPP quota not only affects the property sector but also has a broader impact on the overall economy.
The Way Forward
In light of the current situation, it is essential for the government to swiftly address the concerns of developers and low-income communities. The government must provide clarity on the status of the additional FLPP quota and work towards realizing the policy as soon as possible.
As Junaidi emphasized, “Not only that, low-income communities (MBR) who receive subsidized houses are also waiting for this realization.” The government’s prompt action on this matter will not only support the economy but also demonstrate its commitment to providing affordable housing to low-income communities.
Conclusion
The unrealized additional FLPP quota for subsidized housing has significant implications for developers, low-income communities, and the broader economy. It is essential for the government to take swift action to address the concerns of all stakeholders involved and work towards realizing the policy as soon as possible. By doing so, the government can support the growth of the economy, provide affordable housing to low-income communities, and demonstrate its commitment to the welfare of its citizens.
Keywords: FLPP quota, subsidized housing, Indonesia, low-income communities, developers, economy, housing financing, liquidity facility, PSR, One Million Homes Program.
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