Affordable Housing Developments in Brazil with MDMY Investment

Jan 25, 2010, 04:30 ET from MDMY Investment

FORTALEZA, Brazil, Jan. 25 /PRNewswire/ -- Home ownership becomes a reality for thousands of residences in Ceara North East Brazil through the Federal Government Program "Minha Casa, Minha Vida". The affordable housing program established in May 2009 is also attracting the attention of foreign investors wishing to contribute to the ever-growing Brazilian economy.

There is a deficit of 420,000 homes in the state of Ceara alone, where the Minha Casa, Minha Vida program is only beginning to deliver units.

In the Municipality of Caucaia, which is a rapidly developing area with new Industrial Investments from Petrobras and Vale, the opportunity to provide Affordable Homes has been taken up by an English-Brazilian company, MDMY Investment.

Jamie MacDonald-Murray, the Director of MDMY Investment, comments, "The deficit of these homes in Caucaia is very large, but national developers are ignoring it; they're only looking to make large scale developments in Fortaleza. So this offers a great opportunity to provide Affordable Homes developed with Social Awareness in the heart of the Caucaia community. We're delivering micro-communities within the existing residential areas that are quick to develop and therefore reduce the huge deficit in the Municipality. We are delivering homes to people who need them."

The developments of MDMY Investment have met with praise from the Municipalities Prefeitura and caught the attention of foreign investors that are getting high returns within short time frames.

Currently, mortgages in Brazil account for just 2% of GDP, but new rules brought in last year are enabling working class people to buy homes on low interest rates through the Government bank, Caixa Economica. The Minha Casa, Minha Vida program subsidizes the purchase by up to R$23,000 with the remaining value mortgaged at rates of 5% to 8%.

Jamie MacDonald-Murray continues, "Our goal is to develop 1200 homes that integrate and enhance local communities over the next 5 years in Caucaia."

For further information, please visit http://www.mdmy.com.br or call +55 85 9157 9266 or +44 (0)20 8133 4661

SOURCE MDMY Investment



RELATED LINKS

http://www.mdmy.com.br/