PORTUGAL LAUNCHES NEW $2.22-BLN PACKAGE TO COUNTER HOUSING CRISIS

Portugal's government launched on Friday a new spending package worth 2 billion euros ($2.22 billion) to build around 33,000 homes by 2030 for the neediest families facing unaffordably high house prices and rents.

Infrastructure Minister Miguel Pinto Luz said 10,000 of the new homes will have 100% non-refundable financing, and the remaining 23,000 will benefit from public grants equivalent to 60% of the cost of each home. The new package, to be financed entirely from the state budget, adds to the more than 2 billion euros already being used to build 26,000 homes by 2026.

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