System For The Promotion Of Investment In Housing

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

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"SAVING HOUSE" "CASA DE AHORRO" law 27271 system for the promotion of investment in housing.
The Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. sanction with force of law: System of saving for the promotion of it investment in housing "HOUSE OF SAVING" CHAPTER I of the creation of the UVI ARTICLE 1 °-believe is instruments of saving, loan and investment called in units of housing (UVIs), whose main function will be it of capture the saving of people physical and legal, or of ownership of the sector public , and use it to finance long term in the acquisition, construction or expansion of housing in the Republic Argentina. The overall objectives of these instruments are: a) stimulate long-term domestic currency savings; (b) decrease the deficit housing structural; (c) promote economic growth and employment through investment in housing.
(ARTICLE 2nd - UVIs-denominated instruments are as follows: to) deposits in savings UVIs, with a periodicity of availability from ninety (90) days and up to a hundred eighty (180) days from the date of the imposition, as agreed between the parties; (b) certificates of deposit term nominative, fixed (non-transferable/transferable) housing units, UVIs for a minimum period of one hundred eighty (180) days; (c) mortgage loans; (d) titles values UVIs, with or without a public offering, for not less than two (2) year terms. Instruments denominated UVIs that might create in the future shall apply the provisions of this law, without prejudice to the application of the complementary norms of the laundering of assets and financing terrorism.
ARTICLE 3 ° - in any of the instruments UVIs, the amount of taxation as the total nominal value of securities values, such as funding for housing operations, only may be settled, disbursed canceled, subscribe and rescue respectively, in pesos. ARTICLE 4 °-have is the gratuity of the accounts in entities financial of ownership of people physical by them deposits in box of saving UVIs not being able is charge expenses of maintenance or commissions.
ARTICLE 5 - the capital of the instruments created or to be created according to the provisions in article 2, are expressed in UVIs.
CHAPTER II of them conditions General of them instruments called in UVI ARTICLE 6 °-the value initial in pesos of the UVI will be determined by the Bank Central of the Republic Argentina, using as reference the thousandth part of the value average of the metro square built with destination to housing in the Republic Argentina, so 1,000 UVIs will be equivalent to a metro square (1,000 UVIs = 1 metro square). The value of the UVI will be updated monthly through the index of the cost of the construction for the great Buenos Aires that publishes the INDEC for housing single-family model 6. The Central Bank of the Republic of Argentina will periodically publish the daily value in pesos of the ICU. The amount of capital to be perceived by impositions, by its due date shall be the equivalent in pesos of the amount of deposited UVIs, calculated according to the value of the ICU to that date. Them amortization of capital of all them instruments called in UVIs is held in pesos by the equivalent of the value of the amount of UVIs corresponding to the date of make is effective the payment. Them instruments denominated in UVIs may carry interests to a rate fixed or variable, payable in periods or to the expiration, according to is agreed freely between them parts or is stipulated in the prospect of emission of titles values, according to corresponds. Interest will be calculated and cleared in pesos, calculated on the UVIs representative of the total of the capital owed to date for the payment of interest.
ARTICLE 7 ° - financial institutions must give makers of UVIs home loans the option of extending the number of shares originally planned when the amount of the fee to be paid is greater than ten percent (10%) the value of the portion that has resulted have been applied to that loan capital adjustment by the wage coefficient of variation (CVS) , from its disbursement. At the express request of the exercise of the option, the financial institution must extend the period originally provided for the loan, noting that such extension of time limits, the fee does not exceed thirty percent (30%) of the eligible income.
ARTICLE 8 ° - this chapter of the law enforcement authority shall be designated as provisions of the Argentine legal digest, according to competence that corresponds, in virtue which may perform all acts or leading efforts to facilitate the operation proposal, without prejudice to the powers of competition in the field of public offer of securities values corresponding to the respective control bodies according to the provisions of article 1691 code Civil and commercial of the nation. For this purpose will determine them terms and them conditions particular of each one of them instruments listed compliant their respective powers of incumbency and according to them provisions in the matter, arranged in the code Civil and commercial of the nation (Law 26.994, its amended and standards complementary).
ARTICLE 9 - deposits in savings, securities and fixed term accounts UVIs values are exempt from the personal property tax; the incomes perceived by difference of quote or valuation of them deposits in box of saving or deadlines fixed UVIs, as them incomes perceived by interests in such impositions in UVIs are exempted of the tax to them profits when is try of people physical. UVIs for unique and permanent family housing mortgages will be valued, at the end of each fiscal period, similarly to other types of mortgage loans for unique and permanent family home as the law on personal property. Financial trusts that are created within the framework of this law will be exempt from the tax debits and bank loans, and mortgage loans that are within their trust property shall enjoy exemption from the tax base of the value added tax.
CHAPTER III ARTICLE 10 mortgage loans financial trusts. -Authorized the national executive power, by itself or through who expressly designate the effect, the creation of financial trusts, under the terms of article 1690 of the Civil Code and commercial of the nation, whose main purpose will be ensure the Argentine savings long-term in order to finance, mainly, access to new, unique, and family housing throughout the country. These financial trusts will be destined to obtaining funds, through contributions from the trustors, or by transfer of UVIs mortgage loan portfolios, or by the issuance and placement of securities representing debt, according to the capacity of the trust property, with the sole purpose of granting mortgage loans UVIs. Lines of mortgage loans offered through the trust to be placed in operation must contemplate special benefits to individuals for the acquisition, construction or expansion of family homes. The benefits may consist of subsidies for a portion of capital, rate or costs associated with the operation, mainly in those individuals wishing to access a single home. The lines of UVIs mortgage features and benefits to be implemented will be coordinated and defined by the national executive power, with the collaboration of State, provincial, and municipal agencies linked to housing policy, with the aim to foster access to housing to all families in the country, according to the characteristics of the market of housing in each province.
ARTICLE 11. (-For the compliance of them objectives pursued by the present law and in the frame of it operative proposed is authorizes to the power Executive national a: to) allocate, as settlor, a split budget for the present year, in order make a contribution to the or to them trusts financial, for grant them loans mortgage UVIs with them benefits listed in the article previous. To such effects authorize is to the power Executive national to make all them reversals budget that is required in the present budget of expenses and calculations of resources of the year 2016;
( b) all them years through the law of budget is established them amounts of them assignments budget, of require new contributions (or, by law specific, contributions extraordinary) the or them trusts financial, for the purposes of ensure the continuity of the operative, that modify the lack structural of housing in the country.

ARTICLE 12. -The national executive power, through the Finance Secretary of the Ministry of finance and public finance, may contract directly with Nación Fideicomisos S.A., act as trustee of such financial trusts, which constitute according to the principles of this law, the terms and conditions established by the provisions of the Civil Code and commercial of the nation and most provisions in the matter of the different supervisory bodies in matter of tender, provided that the cost of administration of the trust does not exceed the market value.
ARTICLE 13. (-Of the financial trust fiduciary sends consist: to) structuring the financial trusts together with public and private entities acting as trustors and issue securities securities denominated UVIs backed by mortgages granted the trust or be loaned him by financial institutions; b) ensure that mortgages which are granted or which were ceded to them a good credit rating; (c) ensure that the credits granted will significantly improve the conditions of the offer of mortgage loans for the acquisition, construction or expansion of housing and allow access to the universe of individuals who do not have access to lines, offering mortgage loans UVIs, financial institutions; for this purpose must ensure the participation as receiving of them credits mortgage to families that not possess housing own and have with capacity of payment (income monthly verifiable) to make facing them fees of the credit, with them benefits that facilitate its access; (d) attract private and/or public savings for the subscription of securities funds securities issued by financial and so-called UVIs trusts; (e) comply with all regulations that on public offering of securities values are effective; f) preserve through low-risk investments and diversified, the value of the captured funds which have not been placed in mortgage loans; (g) provide the possibility that mortgage loans granted include an insurance offering borrowers a wait of six (6) months in the payment of contributions in the event of unemployment; (h) perform the useful and necessary acts tending to the fulfillment of the main trust manda and faithful compliance with the objectives referred to in this law; (i) give to them takers of loans for the housing UVIs it option of extend the number of quotas originally planned when the amount of the fee to pay exceed in a ten percent (10%) the value of the fee that has result of have is applied to that loan an adjustment of capital by the coefficient of variation wage (CVS) , from its disbursement. At the express request of the exercise of the option shall be extended in up to twenty five percent (25%) the period originally provided for the loan; (j) tend to the extension of the credits mortgage that is granted reach them thirty and five (35) years, with regard to the term of compliance.
ARTICLE 14. (- Empower the national executive power, by itself or through who expressly designate for this purpose, a: to) perform analysis and technical studies; b) sign cooperation agreements with public or private entities for the purpose of carrying out the operation established in this chapter; (c) determine selection criteria and allocation of funds to be provided to the financial trusts; (d) determine criteria of selection and granting of mortgage loans by financial trusts; (e) establish technical monitoring committees; (f) to perform all acts or actions deemed suitable and conducive to the implementation and operation of financial trusts.
CHAPTER IV of the issuance of bonus of the Treasury named ICU ARTICLE 15. -Authorized the Ministry of finance and public finance to issue a bonus meter square Argentino, in the framework of the Act 27.198 authorized borrowing for the present financial year, which will be called at UVIs and shall include any other terms and financial conditions to be determined at the time of its broadcast, by an amount equivalent to up to 50 billion pesos ($ The result of this bond placement will finance the departure of the contribution to the financial trusts, organized for the granting of mortgage loans of article 11, paragraph a).
CHAPTER V provisions General ARTICLE 16. -The national executive power, through the relevant areas, must promote the culture of long-term savings in national currency proposed by the draft law, in education policy from the initial levels and with official advertising campaigns.
ARTICLE 17. (- Authorized Chief of the Cabinet of Ministers to carry out the necessary budget reversals in the budget of expenditures and calculation of resources year 2016, to finalize the contribution of the subsection to) of article 11 and the obtaining of the source of financing of article 15.
ARTICLE 18. -Are invited to the provinces and the autonomous city of Buenos Aires to adhere to this law, promoting the system through benefits, exemptions or tax incentives as to participate as trustors through investments allocated in their budgets.
ARTICLE 19. -The national executive power shall designate within their areas, the implementing authority for compliance with chapters III and IV of this Act.
ARTICLE 20. -Every year the enforcement authority must send a detailed report on the progress of the operation established by this law, commissions of works public and finances of the Chamber of deputies of the nation and to commissions for infrastructure, housing and transportation and budget and Finance of the Senate of the nation.
CHAPTER VI adaptations regulations ARTICLE 21. -The provisions of this Act are exempt from the provisions of articles 7 and 10 law 23.928 and its amendments, and to the 766 article of the Civil Code and commercial of the nation.
ARTICLE 22. -If case of mortgages to be to ensure obligations under this law, specialty in terms of credit requirement is deemed fulfilled, individualizing the guaranteed credit and indicating the subjects, the purpose of the credit and the cause. The records of the property shall be assessments, leaving record that the amounts covered by the warranty are subject to clause of article 6 ° update, steps that must have certifications that are issued by the listed records regarding this. Mortgages held pursuant to this law, fulfilled the respective registration in accordance with provisions of item 2210 of the Civil Code and commercial of the nation, shall have effect against third parties and in good faith, not only for the certain initial amount of debt, but for which appropriate add as a consequence of the clause provided for in article 6 ° plus interest that is adeudaren, and damage and subsequent costs causing the breach. Considered title which brings about execution, following procedures which establish the laws of procedure of the place where the action, consistency of balance at the date of the BlackBerry in the fulfilment of the obligation, together with the title that has had implemented the original obligation is exercise for Executive judgment to be collected. In case of executively taken, the amount of credit, execution should be encouraged for the sum which, ultimately, throw the amount resulting from the application of the clause from updating the date of initiation, without prejudice to the expansion to the day of payment.
ARTICLE 23. -Replace the text of article 2189 of the Civil Code and commercial of the nation with the following: specialty in terms of credit: in the Constitution of real guarantee rights must identify the credit guarantee, indicating the subject, the object and the cause. The amount of the guarantee should be estimated in money and may not coincide with the principal amount of the credit. Is considered satisfied the principle of specialty in terms of credit if the warranty becomes indeterminate credits security, whether their cause to exist at the time of its establishment or subsequently, provided that the instrument contains an indication of the maximum amount secured in any concept, that guarantee constituted is maximum, and the period to which it is subjected which may not exceed ten (10) years. The warranty remains however the deadline in security of claims arising during its term.
ARTICLE 24. -Replaced the text of the 2210 article of the Civil Code and commercial of the nation with the following: duration of registration the effects of the registration of the mortgage are retained for a period of thirty-five (35) years, if before is not renewed.

ARTICLE 25. -This Act shall come into force from their publication in the Official Gazette and shall be regulated and instrumented within a period of ninety (90) days.
ARTICLE 26. -Communicate to the national executive power.

Date of publication: 15/09/2016