The Board of Directors of the Institute of the National Housing Fund for Workers (Infonavit) approved the new General Rules for granting credit, which prioritize the mandate of the National Housing Program in terms of location and mobility.

The foregoing with the purpose of improving the quality of life of borrowers by reducing their travel times to work and service centers; as well as ensuring the acquisition of housing in areas with facilities and contributing to the development of more compact cities.

In this way, as of May 2022, Infonavit will only grant financing for the acquisition of housing or land that adhere to the new criteria of location, environment and mobility.

Of interest: 42% of Infonavit credits are requested by Millennials

The rules approved by the Infonavit Board of Directors include technical guidelines that weigh three factors: location, environment of the home and the land intended for housing

The properties or land must prove proximity of up to 2 kilometers to primary schools, supply centers, recreational spaces; as well as main roads. And of up to 2.5 kilometers with respect to secondary schools and health establishments.

Regarding mobility, maximum travel times of 30 minutes by walking, 20 by bicycle or 45 by public transport between the property and schools, work centers and different areas of interest are favored.

Of interest: Historic placement of mortgage loans by Scotiabank

In the case of housing developments in which the dwellings, streets, squares and internal parks are disconnected from the urban fabric, whether or not they have controlled access, Infonavit must verify that the land or dwelling is subject to some formal scheme that provide tools for collective action for maintenance and operation of common use areas.

If the housing development in question is in the commercialization stage, the builder must assume the maintenance and operation expenses of the common use areas. This until there is sufficient participation of owners to guarantee the financial viability of these charges.

With the new rules, Infonavit will guarantee that workers who apply for a loan can access a home that promotes their quality of life.

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Original note