Mi Casa Ya is the national government program that facilitates the purchase of new urban housing in Colombia. It is aimed at families with incomes of up to four minimum wages and provides a subsidy for the down payment as well as coverage for the interest rate, which results in lower monthly installments during the first seven years.

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If a person meets the required conditions, they can receive the Mi Casa Ya subsidy as follows:

• Families with incomes of up to 2 minimum monthly wages (SMLMV – COP $1,755,660) will receive a down payment subsidy equivalent to 30 SMLMV (COP $26,334,090).
• Families with incomes between 2 and 4 SMLMV (COP $1,755,660 – $3,511,320) will receive a down payment subsidy equivalent to 20 SMLMV (COP $17,556,040).

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Additionally, interest rate coverage will range from 4 to 5 percentage points depending on the type of housing:

• VIP (Priority Interest Housing – maximum value 90 SMLMV / COP $79,004,700): 5 percentage points coverage.
• VIS (Social Interest Housing – value above 90 SMLMV and below 150 SMLMV / COP $79,004,700 – $131,670,450): 4 percentage points coverage.
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Conditions to access the Mi Casa Ya subsidy:

• Total income must be less than 4 SMLMV.
• Must not already own a home.
• Must not have previously benefited from any family housing subsidy provided by the compensation fund.
• Must not have previously benefited from any government housing subsidy.
• Must not have previously benefited from any interest rate coverage title.
• Must have an approved housing loan or an approval letter for a housing lease issued by a financial institution or the National Savings Fund (Fondo Nacional del Ahorro).

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Who can apply?

• Common-law couples.
• Same-sex couples.
• Households made up of one or more people from the same family unit.
• Spouses.
• Relatives up to second-degree blood relations, first-degree in-laws, and civil-only relatives.

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How does the Mi Casa Ya subsidy work?

1. The developer offers VIP or VIS type homes.
2. The applicant searches for a home that fits their income and needs.
3. The financial institution manages and approves a housing loan or lease and requests that it be covered by the Mi Casa Ya subsidy.

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Important notes:

• There is no pre-assignment, and no pre-registered projects.
• Subsidy quotas are distributed on a first-come, first-served basis until they run out.

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What role does the developer play in the Mi Casa Ya subsidy?

• Publicizes that their homes are covered by Mi Casa Ya (billboards, flyers, etc.).
• Negotiates home sales and down payment options.
• Reserves the property.
• Constructs the property.
• Receives the subsidy.

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