In 2023, the Central Bank implemented reforms aimed at reducing inflation and promoting the granting of mortgage loans by financial institutions. This measure seeks to facilitate access to housing without relying on a state fund like Pro.Cre.Ar.
The Government assures current beneficiaries of Pro.Cre.Ar the continuity of their loans through the Mortgage Bank, maintaining the same conditions previously agreed upon. According to reports from the General Syndicate of the Nation (SIGEN), the fund represented a significant burden on state finances and lacked the necessary transparency and efficiency.
Current beneficiaries of Pro.Cre.Ar have concerns about how this measure will affect their allocated loans or properties. For those with an ongoing loan or an awarded property, the decree establishes guidelines to ensure the continuity of their contracts without modifications.
Awarded beneficiaries can be at ease, as the Mortgage Bank will continue managing their contracts under the same conditions. The Ministry of Economy has been authorized to sign a contract with the Mortgage Bank to continue the management of existing loans without changes in installments or mortgage loan conditions.
Regarding plans in process or not awarded, the liquidation of Pro.Cre.Ar will generate funds that will cover the pending or new obligations. Properties without active construction contracts will be transferred to the State Property Management Agency, allowing provinces and municipalities to manage the properties for the benefit of their communities.
The Government of Javier Milei announced the dissolution of the Pro.Cre.Ar Public Trust Fund, a program in effect since 2012 that facilitated access to housing through mortgage loans. This measure aims to optimize public resources and move away from direct intervention in housing financing, leaving that task in the hands of banking institutions.
