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The National Bank of Housing and Habitat, a new financial institution to be created by the Law of Housing and Habitat, will be a national mortgage bank and undertake the functions carried out by the National Savings and Loan Bank(Banap), according to the laws on this issue, said Angel Rodríguez, president of the National Assembly Commission for Integral Social Development.

This new institution is entitled to all the legal prerogatives and tax exemptions that the law grants the Republic. The parliamentary pointed out that the purpose of this institution is to generate the necessary financial conditions, according to the guidelines of the ministry of Housing and Habitat, in order to develop the Housing mortgage market as a means to satisfy the needs amongst the population for housing financing, under conditions of availability, sufficiency, and affordability, thus transforming potential demand into effective demand. It will also act as guarantor of mortgage loan payments. Rodríguez explained that the Bank of Housing and Habitat will convey the necessary resources to meet the population’s housing demands in a timely and efficient way, according to the mechanisms provided in the law.

According to the Law of Housing and Habitat, the bank under the same name will be an autonomous institute, with its own legal status and patrimony, independent of the National Treasury, with financial, organizational, administrative and functional autonomy; and subordinated to the novel ministry.

Published in Quantum No.32