HAVANA TIMES, Jan 12 — This year the Cuban government will provide up to 160 million pesos ($8 million USD) in subsidies aimed at supporting the construction or repair of houses for the needy, reported the Trabajadores newspaper.
The figure represents just over 40 percent of the proceeds from the sales of construction materials during 2011.
The measure will take effect starting January 15 and is in compliance with the approval made by the National Assembly this past December.
This is the first time this type of subsidy is being applied in Cuba to benefit people directly and not to underwrite the prices of products. The individual grant amounts will be capped at 80,000 pesos ($4,000), while loans of between 5,000 and 10,000 pesos will be extended for construction work that doesn’t require a license.