Saturday, June 6, 2020
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ARGENTINA | 30-03-2020 16:44

Fernández freezes rent prices, mortgage payments by decree

Decree freezes price of rent and UVA mortgage payments for next three months, bans all foreclosures and evictions until September 30 without recourse to legal action.

President Alberto Fernández's government has moved to protect renters and homeowners, banning hikes on rent-prices and mortgage payments for 180 days.

A decree published Sunday has frozen the price of rent and UVA mortgage payments for the next three months, while banning all foreclosures and evictions until September 30 without recourse to legal action.

Unlike much of the emergency legislation in reaction to the coronavirus pandemic, this decree applies across all social strata for family (not second) homes, only admitting exceptions in the case of landlords and landladies who depend on the rent to cover family needs (without explaining what happens if the tenant is denied income by the quarantine).

The move had already been anticipated last week when President Fernández had announced the despatch of bills to that effect to Congress but finally he opted for a decree to accelerate implementation.

As for the UVA and other mortgage credits, any differentials delayed by three freeze are to paid in three interest-free instalments as from October while both rent and mortgage arrears are to be paid as from October 3 with compensatory interest but without penalties. Around 90,000 families have to date entered the UVA scheme, which was introduced in March, 2020.

Some real estate sectors complained that the full burden of the coronavirus crisis was being imposed on the private sector without any subsidies or tax breaks being offered to property owners but others expressed relief that rents would continue to be paid, even if frozen.  

– TIMES

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