February 2, 2017 / 8:31 PM / 3 years ago

Brazil to expand home financing to more affluent -industry group

SAO PAULO, Feb 2 (Reuters) - Brazil’s government plans to dedicate an additional 500 million reais ($160 million) of the FGTS workers’ severance fund to home financing and raise the price threshold of eligible homes nearly 60 percent to as much as 1.5 million reais, José Carlos Martins, president of construction industry group CBIC, said on Thursday.

Martins said the government also planned to expand a subsidized mortgage program to more affluent Brazilian families earning up to 9,000 reais a month. The measures may be announced as early as Monday, when the FGTS board of directors is scheduled to meet, he said.

$1 = 3.12 reais Reporting by Ana Mano and Gabriela Mello; Editing by Peter Cooney

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