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Governments hints at larger affordable homeownership quota for 2025
In a recent announcement, Minister Basuki Hadimuljono from the Indonesian Ministry of Public Works revealed that the government is planning to increase the affordable housing financing program's quota in 2025.
Indonesia's Home Ownership Liquidity Assistance FLPP program allows low-income individuals access to affordable homeownership at a lower interest rate. The Minister stated that this scheme will continue into 2025, particularly as it aligns with President-Elect Prabowo Subianto’s program for constructing three million homes.
Given Mr. Prabowo's intention of building three million houses - including one million rural dwellings and another million urban homes – the quota for FLPP will be adjusted to support this target, Minister Basuki told reporters in Jakarta, according to Antara news agency.
In 2024, the allocated FLPP quota stands at approximately 166,000 houses, all of which have already been fully utilized. The ministry is currently in discussions with the Finance Ministry to increase these quotas for the following year.
For this fiscal year, around Rp 13.72 trillion $877 million has been set aside to fund FLPP operations, enough to finance approximately 166,000 homes. A sum of Rp 680 billion is allocated from Public Works Ministry's budget for down payment subsidies on these properties, and Rp 830 billion is included in the Public Housing Savings Fund Tapera budget for about 7,251 units.
In 2023, Indonesian government distributed Rp 26.3 trillion of FLPP funds to support approximately 229,000 housing units, with Prabowo Subianto promising to build three million homes in his upcoming term, including one million for rural areas and another million for urban zones.
Prabowo's cabinet, which he has already formed, is expected to focus on several priorities like cracking down on online gambling and drug abuse. Furthermore, poverty alleviation will be a central aspect of their efforts.
KEY TAKEAWAYS:
The Indonesian government plans to expand the affordable housing financing program's quota for 2025 under President-Elect Prabowo Subianto.
FLPP provide affordable homeownership opportunities for low-income individuals through lower interest rates, aligning with Prabowo’s ambitious plan of constructing three million homes.
Minister Basuki Hadimuljono indicated the need to adjust quotas due to the high demand and aspiration to meet Prabowo's housing construction goal by 2025.
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Indonesian Governments Increased Housing Quota Affordable Homeownership Program Expansion Prabowo Subiantos Three Million Homes Plan Minister Basuki Hadimuljonos Announcement FLPP Funding for Rural Urban Dwellings Public Works Ministrys Housing Construction Focus