Venezuela offers housing loans to earthquake victims

Thousands of Venezuelans who lost their homes in the June 24 earthquakes will soon be able to purchase new housing, thanks to a new credit initiative announced by acting President Delcy Rodríguez. Public and private banks are prepared to offer loans for secondary market home purchases, aiming to address the widespread destruction caused by the tremors.

Rodríguez detailed a government subsidy program designed to make housing more accessible. For homes valued up to $70,000, the government will cover 80% of the cost, with the remaining 20% financed through a 25-year loan for the affected individuals. For properties costing between $70,000 and $100,000, the subsidy will be 50%, with the rest financed similarly.

The acting president also issued a stern warning against any attempts at speculation in the real estate market during this recovery period. She assured those who lost apartments that their property rights remain intact and that the state will support reconstruction efforts. To further streamline legal matters related to property and identity, Rodríguez has requested the Supreme Court of Justice establish a special jurisdiction for civil affairs.

The earthquakes have had a devastating impact, with official figures reporting at least 5,546 deaths, 16,740 injuries, and approximately 18,000 people left homeless as of July 24. The damage assessment includes 856 affected buildings and 190 that collapsed. The World Bank has estimated the direct physical damage at $19.6 billion, cautioning that a slow reconstruction could hinder Venezuela's economic recovery for the next decade.