Although Basavilbaso’s figures were based in pesos, the loans will now be denominated in the new inflation-adjusted UVI currency, the government said. The government’s new scheme will have some key differences from the Kirchnerite era, when the scheme was launched following criticism over lack of credit availability for housing. Critics, however, said that overall housing credit had still dropped during the Kirchnerite era, as private morgages plunged. The Kirchner administration had planned 400,000 loans to build new houses over a four-year period. The loans will not be selected through lottery draws, but through a “vulnerability index” which the government says will give priority to homebuyers who need the credit the most.

Source: Bueno Aires Herald July 12, 2016 02:37 UTC