In Colombia, as well as subsidies for the purchase of a property, there are other kinds of benefits for households. For those in the process of acquiring new housing, there are rental subsidies available while the acquired property is not yet available. Likewise, there are also remodeling subsidies for those who wish to make specific improvements to their home.
Requirements for the rental subsidy
Most Compensation Funds (Cajas de Compensación) offer this benefit. The requirements are that the applicant for the subsidy does not have an income exceeding 2,320,000 Colombian pesos per month and is in the process of purchasing a home, with a minimum delivery period of 12 months. As in all subsidy cases, the person applying for the benefit cannot be the owner of another property.
This rental subsidy covers both new and used housing. The monthly rent payment must not exceed 1% of a Social Interest Housing (Vivienda de Interés Social – VIS). For 2023, this value is 1,740,000 pesos in capital cities and 1,566,000 pesos in other municipalities.
The rental subsidy amounts to up to 696,000 pesos and can be granted for a period of up to 24 months.
Subsidies for home remodeling
The “Cambia mi casa” subsidy is a government benefit for individuals who wish to remodel their homes. Remodeling can include floors, ceilings, kitchen, and walls, as well as improvements to essential service connections, such as water and electricity.
According to the Minister of Housing, Catalina Velasco, this program benefits more than 400,000 homes. “We went from an average pace of 33,000 subsidies between 2018 and 2020 to 50,000 that will be guaranteed annually between 2023 and 2026,” the minister stated in a meeting in June.