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System For The Promotion Of Investment In Housing

Original Language Title: Sistema para el Fomento de la Inversión en Vivienda

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Law 27271

System for the Promotion of Investment in Housing.

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law:

System of Savings for the Promotion of Investment in Housing



The creation of the UVI

Article 1-Create savings, loan and investment instruments denominated in Housing Units (UVIs), whose main function will be to capture the savings of natural and legal persons, or of public sector ownership, and to allocate it to the long-term financing for the acquisition, construction and/or expansion of housing in the Argentine Republic. The general objectives of these instruments are: (a) to stimulate savings in the long-term national currency; (b) to reduce the structural housing deficit; (c) to promote economic growth and employment through investment in housing.

ARTICLE 2-The instruments denominated in UVIs shall be the following: (a) UVIs savings cash deposits, with a frequency of availability since ninety (90) days and up to one hundred and eighty (180) days from the date of the imposition, as (b) Fixed term deposit certificates, nominative (non-transferable) of UVIs Housing Units for a minimum period of one hundred and eighty (180) days; (c) Mortgage loans; (d) Titles UVIs, with or without offer published, for periods not less than two (2) years. The instruments referred to in UVIs which may be created for the future shall be applicable to the provisions of this Law, without prejudice to the application of the supplementary rules for the prevention of asset laundering and financing. terrorism.

ARTICLE 3-In any of the UVIs instruments, the amount of the tax as the total nominal value of securities securities, such as financing operations for housing, may only be collected and settled, disbursed and cancelled, to subscribe and rescue respectively, in pesos.

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Article 4 °-The free account is taken of the accounts in financial institutions owned by individuals for the savings cash deposits UVIs, not being able to charge maintenance fees or commissions.

ARTICLE 5-Capital of instruments created or created in accordance with the provisions of Article 2, shall be expressed in UVIs.


Of the general conditions of the instruments referred to in UVI

Article 6 °-The initial value in pesos of the UVI will be determined by the Central Bank of the Republic of Argentina, using as a reference the thousandth of the average value of the square meter constructed for housing in the Republic Argentina, so that 1,000 UVIs will be equivalent to one square meter (1,000 UVIs = 1 square meter). The value of the UVI will be updated monthly through the index of the cost of construction for the Great Buenos Aires that publishes the INDEC for single-family housing model 6. The Central Bank of Argentina will periodically publish the daily value in pesos of the UVI. The amount of capital to be collected by the impositions, to its due date shall be the equivalent in pesos of the amount of UVIs deposited, calculated according to the value of the UVI to that date. The capital redemptions of all instruments denominated in UVIs shall be made in pesos for the equivalent of the value of the amount of UVIs corresponding to the date of making the payment effective. Instruments denominated in UVIs may bear interest at a fixed or variable rate, payable in periods or at maturity, as agreed freely between the parties or provided in the prospectus for the issue of securities, as appropriate. The corresponding interest shall be computed and settled in pesos, calculated on the UVIs representative of the total of the capital owed to the date of the payment of interest.

ARTICLE 7 °-Financial institutions must give housing loan holders UVIs the option of extending the number of shares originally planned when the amount of the fee payable exceeds by 10% (10%) the value of the fee which has resulted from an adjustment of capital by the Salaries Variation Coefficient (CVS), from its disbursement, to that loan. In the light of the express request for the exercise of the option, the financial institution shall extend the period originally envisaged for the loan, noting that in such an extension of time, the quota shall not exceed 30% (30%) of the revenue computable.

ARTICLE 8 °-The enforcement authority of this chapter of the law shall be designated as provided in the Argentine Legal Digits, in accordance with the appropriate field of competence, by virtue of which it may carry out all acts or (a) to facilitate the proposed operation, without prejudice to the powers of competition in the field of the public offering of securities to be held by the respective comptroller's bodies in accordance with the provisions of the Article 1691 of the Civil and Commercial Code of the Nation. To this end, they shall determine the specific terms and conditions of each of the instruments listed in accordance with their respective powers and in accordance with the provisions of the Civil and Commercial Code.

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Nation (law 26,994, its amendments and supplementary rules).

ARTICLE 9-Deposits in savings accounts, fixed term and securities securities in UVIs are exempt from the Tax on Personal Goods; income received by difference in the price or valuation of deposits in savings accounts or UVIs fixed time-limits, such as interest income on such impositions in UVIs are exempted from the Income Tax in the case of natural persons. UVIs mortgage loans for single and permanent family housing will be valued at the close of each fiscal period, in a similar manner to other types of mortgage loans for single and permanent family housing under the law on housing. Personal Goods. Financial trusts that are created under this law will be exempt from the Debit and Bank Credits Tax, and mortgage loans within your trust will be exempt from the exemption. of the tax base of the Value Added Tax.


Of the Financial Trusts for Mortgage Loans

ARTICLE 10. -Autoricese to the national executive branch, by itself or through whom it expressly designates the effect, to the creation of financial trusts, in the terms of article 1690 of the Civil and Commercial Code of the Nation, whose main purpose It will be to guarantee long-term Argentine savings in order to finance, mainly, access to new, unique and family housing throughout the national territory. Such financial trusts shall be intended for the purpose of obtaining funds, through contributions from the trustees, or by the disposal of portfolios of mortgage loans UVIs, or by the issuance and placement of debt securities, of the capacity of the fideicomitides, with the sole purpose of granting mortgage loans UVIs. Mortgage loan lines that are offered through the or trusts that are put into operation shall include special benefits for individuals for the acquisition, construction and/or extension of family housing. The benefits may consist of subsidies for a portion of the capital, rate or expenses related to the operation, mainly in those individuals who intend to access a single dwelling. The characteristics of the mortgage loan lines UVIs and the benefits to be implemented will be coordinated and defined by the national executive branch, with the collaboration of the state, provincial and municipal agencies linked to the housing policy, with the aim of giving access to housing to all the families of the country, taking into account the characteristics of the housing market of each province.

ARTICLE 11. -For the purpose of fulfilling the objectives pursued by this law and in the framework of the proposed operation, the national executive branch is authorized to: (a) Destinate, as a trustee, a budget item for this year, in order to carry out a contribution to the financial trusts, to grant the UVIs mortgage loans with the benefits listed in the previous article. To this effect, allow the national executive branch to carry out all the budgetary disaffection required in this budget of expenditure and calculations of resources of the year 2016;

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b) All years through the budget law, the amounts of budget allocations will be established, requiring new contributions (or, by specific law, extraordinary contributions), or financial trusts, for the purpose of guaranteeing the continuity of the operation, which changes the structural lack of housing in the country.

ARTICLE 12. -The national executive branch, through the Finance Ministry of the Ministry of Finance and Public Finance, will be able to contract directly with the Nation Trusts S.A., to act as a trustee of these financial trusts, which shall be constituted in accordance with the principles of this law, to the terms and conditions laid down in the provisions of the Civil and Commercial Code of the Nation and more the provisions in the matter of the various control bodies in public offering material, provided that the cost of administration of the trust does not exceed the market values.

ARTICLE 13. -The trust of the financial trust shall consist of: (a) Structure the financial trusts jointly with the public and private entities acting as a trustee and issue securities denominated in UVIs with the support of the mortgages granted by the trust, or transferred to it by financial institutions; (b) to verify that the mortgages which are granted or which are granted to them have a good credit rating; (c) to ensure that the loans granted significantly improve the conditions of the credit offer; mortgage for the acquisition, construction and/or expansion of dwellings and allow access to the universe of natural persons who do not access the lines, which, for mortgage loans UVIs, offer financial institutions; to this effect it must ensure the participation as recipients of the mortgage loans to families that do not own own house and have the ability to pay (verifiable monthly income) to meet the credit fees, with the benefits to be provided by their access; (d) Fetch private and/or public savings funds for the subscription of securities securities issued by the financial trusts and denominated in UVIs; (e) Fulfilling all (f) Preserve by means of low-risk and diversified investments, the value of the funds collected that have not been placed in mortgage loans; (g) the value of the funds collected; the possibility that the mortgage loans granted include insurance offering borrowers a six (6) month wait on the payment of the fees in the event of unemployment; h) To carry out the necessary and necessary acts in order to comply with the (i) Give a principal trust and the true fulfilment of the objectives set out in this Law; UVIs housing loan policyholders the option of extending the number of shares originally planned when the amount of the fee payable exceeds by 10% (10%) the value of the fee which has resulted from having been applied to This loan is a capital adjustment by the Salarial Variation Coefficient (CVS), from its disbursement. In the light of the express request for the exercise of the option, the time limit originally envisaged for the loan should be extended by up to 25% (25%); Thirty-five (35) years, with respect to the deadline for compliance.

ARTICLE 14. -Autoricese to the national executive branch, by itself or through whom it expressly designates the effect, to:

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(a) conduct analysis and technical studies; (b) Subscribe to collaboration agreements with different public and/or private entities for the purpose of carrying out the operation set out in this Chapter; allocation of funds to be provided to financial trusts; (d) to determine criteria for the selection and granting of mortgage loans by financial trusts; (e) to establish technical monitoring committees; (f) to carry out all the acts or arrangements which it considers appropriate and conducive to the implementation and functioning of the financial trusts.


From the issuance of Treasury Bond denominated in UVI

ARTICLE 15. -Authorize the Ministry of Finance and Public Finance to issue an Argentine Squared Bond, within the framework of Law 27.198 for the authorized indebtedness of this financial year, which will be denominated in UVIs and will comprise the other financial terms and conditions to be determined at the time of issue, amounting to up to fifty billion pesos ($50,000,000,000). The result of the placement of this bond shall finance the departure of the contribution to the financial trusts that are organized for the granting of the mortgage loans of Article 11 (a).


General Provisions

ARTICLE 16. -The national executive branch, through the relevant areas, should promote the culture of long-term savings in national currency proposed by the present draft law, within the educational policy from the initial levels and with campaigns Official publicity.

ARTICLE 17. -Authorize the Chief of the Cabinet of Ministers to carry out the necessary budgetary disaffections in the Budget of Expenditure and Calculation of Resources Year 2016, in order to specify the contribution of Article 11 (a) and the obtaining of the source Article 15 financing.

ARTICLE 18. -The provinces and the Autonomous City of Buenos Aires are invited to adhere to this law, promoting the system through benefits, exemptions or tax incentives to participate as trustees through investments assigned to them. respective budgets.

ARTICLE 19. -The national executive branch shall designate within its areas the implementing authority for the compliance with Chapters III and IV of this Law.

ARTICLE 20. -Annually the implementing authority shall send a detailed report on the operation of the operation established in this law, to the Works Commissions

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Public and Finance of the Chamber of Deputies of the Nation and the Commissions of Infrastructure, Housing and Transportation and of the Budget and Finance of the Senate of the Nation.


Regulatory adjustments

ARTICLE 21. -The provisions of this law are excepted from the provisions of Articles 7 and 10 of Law 23,928 and its amendments, and of the provisions of Article 766 of the Civil and Commercial Code of the Nation.

ARTICLE 22. -In the case of mortgages to be constituted to guarantee obligations in this law, the requirement of specialty in respect of the credit will be considered fulfilled, individualizing the guaranteed credit and indicating the subjects, the object of the credit and the cause. The Inmovable Property Records shall record the charges, stating that the amounts covered by the guarantee are subject to the clause of the update of Article 6, collected which must contain the in this respect are issued by the indicated records. The mortgages held pursuant to this law, completed the registration in the respective Registry in accordance with the provisions of Article 2210 of the Civil and Commercial Code of the Nation, will have effects against third parties interested and in good faith, not only because of the initial amount of the debt, but for which it is appropriate to add as a consequence of the clause provided for in Article 6 °, with more the interest to be owed, and the subsequent damages and costs cause the non-compliance. It is considered a title that brings execution, following for its collection the formalities that for the executive judgment establish the laws of procedure of the place where the action is exercised, to the constancy of balance debtor to the date of the arrears the fulfilment of the obligation, together with the title in which the original obligation had been implemented. In the event of the recovery of the claim, the execution shall be promoted by the sum which, in the final analysis, yields its amount as a result of the application of the update clause to the date of initiation, without prejudice to the extension to the day of payment.

ARTICLE 23. -Replace the text of Article 2189 of the Civil and Commercial Code of the Nation by the following: Speciality in respect of the credit: In the constitution of the real rights of guarantee the guaranteed credit must be individualized, indicating the subjects, the object and the cause. The amount of the guarantee must be estimated in money and may not match the amount of the credit capital. The principle of the speciality as regards credit is satisfied if the guarantee is constituted as a security of indeterminate claims, whether its cause exists at the time of its constitution or subsequently, provided that the instrument contains the an indication of the maximum guaranteed amount in any concept, that the guarantee is the maximum, and the period to which it is subject, which cannot exceed 10 (10) years. The guarantee does not however remain within the time limit for the security of the credits born during its lifetime.

ARTICLE 24. -Replace the text of article 2210 of the Civil and Commercial Code of the Nation by the following:

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Duration of the registration: The effects of the mortgage registration are preserved by the term of thirty-five (35) years, if not renewed.

ARTICLE 25. -This law will enter into force from its publication in the Official Gazette and must be regulated and implemented within the period of ninety (90) days after.

ARTICLE 26. -Contact the national executive branch.




Date of publication: 15/09/2016

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