The Chilean government has introduced a bill to significantly expand the scope of its first-time homebuyer support program, raising the total number of available subsidies from 50,000 to 80,000 units.
The proposal also lifts the maximum property value eligible for the benefit from 4,000 UF to 6,000 UF and extends the program's validity by 12 months, through the end of 2027.
The legislative push comes as demand for the existing scheme has outpaced its original design.
Approved applications for the mortgage interest rate subsidy and the state guarantee provided by the Special Guarantees Fund (Fogaes) have already exceeded the initial cap of 50,000 units, according to data reported by La Tercera.
The new measure seeks to address this bottleneck by adding 30,000 new slots, effectively covering roughly a third of the available housing stock priced at or below the new 6,000 UF threshold.
By raising the price ceiling, the government aims to broaden access to a wider segment of the housing market, which has seen pressure from high interest rates and limited inventory.