Madeira's PS Proposes 50% Increase in Housing Loan Limits for Degraded Property Recovery
Madeira GuideThe Madeira PS has proposed a 50% increase in loan limits for families to restore degraded properties, addressing rising construction costs and housing needs.
The Socialist Party of Madeira (PS-Madeira) has announced a significant proposal to increase the financial assistance available to families for restoring degraded properties. This initiative aims to address the rising costs of construction and the pressing need for housing solutions on the island. The proposal was unveiled during a press conference held in Ribeira Brava by Célia Pessegueiro, the president of PS-Madeira.
Under the proposed legislative decree, the maximum loan amount available to families under the Programa de Recuperação de Imóveis Degradados (PRID) would increase from 20,000 to 30,000 euros. In extraordinary circumstances, where properties are completely destroyed by incidents such as fires or severe weather, the loan cap would rise from the current 50,000 euros to 75,000 euros.
Célia Pessegueiro highlighted that since the last adjustment in 2023, construction costs, including materials and labor, have surged by 50%. This increase justifies the proposed adjustment to the loan values. She emphasized that many families are unable to secure loans from traditional banks or benefit from other housing programs, making this proposal crucial for the region.
The PRID program is particularly vital for homeowners who are unable to access the banking system or other governmental housing initiatives, such as those under the Recovery and Resilience Plan. According to 2024 data, the program supported the rehabilitation of just over 125 homes, which Pessegueiro described as insufficient for the region's needs.
This proposal is a response to the housing challenges faced by many families in Madeira, who find themselves financially trapped without the means to renovate their homes. By increasing the loan limits, PS-Madeira aims to provide a lifeline to these families, enabling them to improve their living conditions and preserve their properties.
Sources
Madeira Guide
Author