Ley 7052 — National Financial System for Housing Law

Law of the National Financial System for Housing and Creation of the BANHVI (Mortgage Housing Bank)

OF THE NATIONAL FINANCIAL SYSTEM FOR HOUSING SINGLE CHAPTER Creation and purpose

TITLE ONE

a)System: the National Financial System for Housing.
b)Bank or Banhvi: the Mortgage Housing Bank.
c)Authorized entities: the public and private institutions and entities authorized by the Bank to operate within the System, and the mutual associations.
d)Mutual associations: the mutual savings and loan associations.
e)Securities: the different securities issued by the System.
f)Mortgage participations: mortgage participation contracts.
g)Global mortgage participations: mortgage participation contracts with a global guarantee.
h)Family Housing Bond (BFV): a subsidy that the State shall provide, through the Housing Subsidy Fund, to families, older adults without a family unit, and persons with disabilities without a family unit.
i)Secondary market: transactions carried out with the System's securities after they are issued.
j)Associates: natural or legal persons who are members of a mutual association.
k)Fonavi: the National Housing Fund l) Fosuvi: the Housing Subsidy Fund.
m)Profivijo: the Youth Housing Financing Program.
n)Productive housing: individual homes or in vertical, horizontal, or mixed housing projects that have a permit for mixed residential, commercial, and productive use. The land use must be compatible with the regulatory plan or applicable urban planning regulations in the area.
ñ)Productive Housing Fund (Fovipro): a fund composed of resources from the Housing Subsidy Fund (Fosuvi) and others, described in Article 73 of this law; administered by the Mortgage Housing Bank and executed through the authorized entities of the National Financial System for Housing and the financial operators of the SBD.
o)Productive housing program: a program composed of resources from the Development Banking System (SBD), which shall be administered by the Development Banking System. The program shall be developed jointly with the Mortgage Housing Bank (Banhvi) and executed through the authorized entities of the National Financial System for Housing and, in turn, the financial operators of the SBD.

(As amended by Article 1 of Law No. 10538 of October 2, 2024, "Reform of the Law of the National Financial System for Housing and Creation of the BANHVI (Mortgage Housing Bank), to reform the National Housing Fund and Promote Access to Housing for the middle class")

OF THE MORTGAGE HOUSING BANK

Creation, objectives, and functions

TITLE TWO

CHAPTER 1

This entity shall be under the supervision of the General Audit of Banks and shall be audited by the Comptroller General of the Republic.

a)To obtain resources, coordinate the adequate distribution of those collected by the authorized entities, and allocate them exclusively to the purposes set forth in this law.
b)To promote and finance the authorized entities.
c)To guarantee the operations of the authorized entities, under the terms of this law and its regulations.
d)To promote and develop the secondary market for publicly offered securities in the housing field.
e)Within the legal framework, the Mortgage Housing Bank shall have the broadest freedom of action to effectively fulfill the preceding objectives and full legal capacity to acquire rights and contract obligations.
f)To promote and develop the secondary mortgage market; to this end, it may establish securitization companies and special purpose vehicles, to administer or constitute trusts (fideicomisos), as well as endorse or guarantee issuances of securities resulting from securitizations or other financial instruments.
g)To establish the mechanisms for implementing a special regime for productive housing, through the total or partial subsidy granted by the Mortgage Housing Bank for the housing and the credit granted by the authorized entities of the National Financial System for Housing and the financial operators of the SBD, for the development of the productive activity.
h)To design, promote, and implement the productive housing model, jointly with the Development Banking System and the National Learning Institute (INA).
i)To finance, through the authorized entities, viable productive projects by implementing credit mechanisms under accessible and differentiated financial conditions according to the specific characteristics, as well as the requirements of the project and the corresponding productive activity.
j)To promote the priority attention of persons in poverty and extreme poverty, especially the inhabitants of those districts with higher poverty rates, of informal settlements in precarious conditions, slums (tugurio), and tenement houses (cuarterías), and conditions of overcrowding or with deteriorated infrastructure, with emphasis on the attention of women heads of household, persons with disabilities without a family unit, older adults without a family unit, young people between eighteen and thirty-five years of age with a family unit, the population contemplated in subsection k) of Article 3 of Law 5662, Law of Social Development and Family Allowances, middle-class families, and persons affected by an emergency situation, through the development of strategic planning that involves the pertinent institutional articulation to impact the current situation of these populations and contribute to the improvement of their quality of life and human development.

(The preceding subsection was thus added by Article 1 of Law No. 10679 of April 22, 2025) (As amended by Article 1 of Law No. 10538 of October 2, 2024, "Reform of the Law of the National Financial System for Housing and Creation of the BANHVI (Mortgage Housing Bank), to reform the National Housing Fund and Promote Access to Housing for the middle class")

a)To draft the regulatory projects of this law, as well as its reforms, and submit them for the approval of the Executive Branch, to be enacted through the corresponding decree or decrees.
b)To incentivize domestic savings and national investment as the most important means of achieving a solution to the housing problem in the country.
c)To decide which institutions may be granted the status of authorized entities.
d)To promote, grant financing to, and advise the authorized entities, and to collaborate pertinently with the General Superintendency of Financial Entities, to ensure the proper functioning of said entities.
e)To guarantee, if deemed convenient, the deposits in savings accounts made in the mutual associations, and to discount the portfolio of the authorized entities and provide them with the technical advice they need.
f)To endorse interim or temporary financing for the execution of housing complex projects, as well as for complementary works and services, provided these are promoted through the authorized entities.
g)To contract loans in national or foreign currency, within and outside the country, destined for the fulfillment of its purposes. In the latter case, whenever the sovereign guarantee of the loan is required, this must be processed in accordance with the procedures of Law 8131, Financial Administration of the Republic and Public Budgets, of September 18, 2001, and must have the prior approval of the Ministry of National Planning and Economic Policy (Mideplán), the Budgetary Authority, the Ministry of Finance, as well as the favorable opinion of the Central Bank and the approval of the Legislative Assembly.
h)To create the fund required to promote the secondary market for mortgages and securities in the housing field; to participate in it on its own account and that of third parties, and to ensure that it is maintained and developed within a climate of public confidence.
i)To adjust its actions to the policies, guidelines, and directives issued by the State regarding housing, urban development, and human settlements.
j)To determine the general financial policy of the System.
k)To guarantee, if deemed convenient, the mortgage loans granted by the authorized entities, to assure the mortgage creditor, or the assignee of the rights, the full collection of the principal, interest, and other accessory obligations of the mortgage, including the costs of the foreclosure proceeding.
l)To establish, through the authorized entities, programs that link housing credits to the simultaneous savings of the beneficiary families.
m)Any others that correspond to it in accordance with this law and its regulations.
n)To carry out strategic planning that considers inter-institutional coordination to facilitate access to housing for vulnerable populations, in districts with the highest incidence of poverty and extreme poverty.

(The preceding subsection was thus added by Article 2 of Law No. 10679 of April 22, 2025) (As amended by Article 1 of Law No. 10538 of October 2, 2024, "Reform of the Law of the National Financial System for Housing and Creation of the BANHVI (Mortgage Housing Bank), to reform the National Housing Fund and Promote Access to Housing for the middle class")

Likewise, for the better fulfillment of its purposes, the Bank may grant credits through the authorized entities for the construction of social-interest housing, its works, and complementary services. The guarantees for these credits shall be those the Bank considers satisfactory.

(As amended by Article 3 of Law No. 10679 of April 22, 2025)

Furthermore, for the lower-income sectors, this Institution shall establish special conditions through the subsidy program referred to in Title Three of this law.

(As amended by Article 1 of Law No. 7208 of November 21, 1990).

In accordance with this Law, the authorized entities and the public or private institutions dedicated to housing financing may grant loans to persons qualified as users of the System, for the construction or acquisition of homes or the acquisition of lots. However, they may participate in operations for the purchase of mortgage assets or other types of financial assets from the authorized entities, aimed at generating mortgage securitization operations, fiduciary operations, or any other type that allows for the mobilization of said assets to generate new financial resources. The mortgage or financial assets in general that the Mortgage Housing Bank purchases or acquires under this provision shall be placed in trust (fideicometidos) in the manner established by the respective regulations of the System and the corresponding contracts, according to the needs of the operation.

(As amended by Article 1, sub-article 24 of Law No. 8507 of April 28, 2006)

Of the organization, direction, and administration of the BANHVI

CHAPTER II

a)The Board of Directors.
b)The General Management.
c)The Internal Audit.

ch) The other departments established in the regulations or created by the Board of Directors.

a)Head of the Ministry of Housing and Human Settlements or a public official designated by the Ministry.
b)Head of the Ministry of Economy, Industry, and Commerce (MEIC) or a public official designated by the Ministry.
c)Head of the Vice Ministry of Youth or a person, aged between 18 and 35 years, designated by the Vice Ministry.
d)Two representatives from the private sector.
e)Two representatives from the political parties represented in the Legislative Assembly, different from the political party to which the Executive Branch belongs.

In the case of subsections d) and e), these members shall hold their positions for a term of four years.

These shall be elected through the opening of a personal and background file for each person nominated by the corresponding institutions; these institutions must send a shortlist (terna) of three nominees for each position. The Governing Council shall appoint the selected nominee. In the event that, within a period of thirty calendar days following the vacancy of the position, the Governing Council does not select the nominees, these shortlists shall be sent to the Legislative Assembly to follow the corresponding procedure and elect the representatives.

The Board of Directors of the Institution shall elect, by simple majority, a president and a vice president, who shall serve for a period of one year and may be re-elected; likewise, the vice president shall substitute for the president during his or her absences.

When both of these members are absent from a session, the Board of Directors must appoint one of those present as ad hoc president.

a)To be a Costa Rican, by birth or by naturalization, with a minimum of five years having passed since obtaining the respective naturalization certificate (carta).
b)To be in full exercise of civil rights.
c)To hold an academic degree at the bachelor's (licenciatura) level or an equivalent or higher professional title in the areas of economic sciences, architecture, engineering, social sciences, law, or related fields.
d)To have demonstrable experience of at least five years, in the public and private sphere, in economic, financial, banking, or administrative matters, and in housing sectors and matters related to the economic and social development of the country.

These subsections shall not be applicable to the heads of the Ministry of Housing and Human Settlements, the Ministry of Economy, Industry, and Commerce, and the Vice Ministry of Youth. In the case of officials designated by the heads, these subsections shall be applicable.

a)Being in default as debtors to the Treasury.
b)Having been declared bankrupt or insolvent, unless they have been rehabilitated.
c)Being suspended or disqualified from practicing their profession, as ordered by the competent authority.

ch) Being related to another member of the Board of Directors, the general manager, the managers and deputy managers, the internal auditor, or any of the heads of department of the Bank, by marriage or relationship by consanguinity or affinity, up to and including the third degree.

a)Members and employees of the Supreme Powers, officials who substitute for them during their temporary absences, and those holding temporary unpaid positions, except for the two members mentioned in subsections a), b), and c) of Article 13 of this law.
b)The executive presidents, general managers, executive directors, and other members of the boards of directors of public law, autonomous, or decentralized institutions.
c)The general manager, deputy managers, internal auditor and deputy internal auditor, and other officials or employees of the bank.
d)Members of the boards of directors, general managers, deputy managers, their ascendants and descendants up to the third degree by consanguinity or affinity, and other employees of the authorized entities.
e)Shareholders, partners, members of the boards of directors, managers, deputy managers, their ascendants and descendants up to the third degree by consanguinity or affinity, and employees of developers and construction companies, as well as of the construction chamber and consulting companies in the construction sector that operate within the System.

The representatives of subsections d) and e) of Article 13 of this law shall be appointed for periods of four years starting on June 1 of the year in which the presidential term established in Article 134 of the Political Constitution begins.

However, the following individuals shall cease to be members of the Bank's Board of Directors:

a)Those who no longer satisfy any of the requirements established in Article 13, or incur any of the impediments or incompatibilities provided for in Articles 15 and 16.
b)Those who leave the country for more than one month without permission from the Board of Directors, or, with such authorization, for more than six months.
c)Those who fail to attend six consecutive ordinary sessions of the Board of Directors, for a reason that has not been duly justified.

ch) Those who, by final resolution, are declared responsible for the violation of any of the provisions of this law or its regulations, or have consented to it.

d)Those convicted by criminal courts for fraudulent or illegal acts or operations.
e)Those who cannot or do not wish to perform their duties for six months.
f)Those who resign from their positions or are legally incapacitated from exercising them.

In any of these circumstances, the Board of Directors must order a complete investigation and notify the Governing Council, so it may determine whether or not to declare the vacancy, and, if it decides the latter, to appoint the respective substitute, in which case the appointment shall be for the remainder of the legal term, and shall be made within a period of thirty calendar days from the receipt of the communication.

The removal of members of the Board of Directors for any of the indicated causes does not release them from the liabilities they may have incurred.

In the event of the death of a member of the Board of Directors, the substitute shall be appointed for the remainder of the legal term, in accordance with the guidelines set forth in Articles 13 and 14.

Consequently, they shall be solely responsible for their management.

Such members must secure their liabilities with a fidelity bond or another type of guarantee acceptable to the Comptroller General of the Republic, up to the amount required for the directors of other state banking institutions.

Without prejudice to other sanctions that may be imposed, each member of the Board of Directors shall be personally liable with their assets for the losses caused to the Bank and the System in general, for the authorization of operations prohibited by law, or not pertaining to their functions, or carried out without fulfilling the procedures required by this law and its regulations, or in contravention thereof, unless they have recorded their dissenting vote in the minutes of the session in question.

This prohibition shall be applicable to the manager, the deputy manager, the auditor, the deputy auditor, the department heads and deputy heads, and the management assistants.

Only the corresponding attendance fee (dieta) for one ordinary session per week and up to two extraordinary sessions per month shall be paid; the remaining sessions shall not be paid.

The convocation shall be made in writing and with at least three business days' notice, except when made during the course of a session and there is a consensus from all members to meet on the agreed date. In the extraordinary sessions of the Board of Directors, only the matters included in the convocation shall be addressed.

Agreements shall be adopted by a majority of the votes present, except in cases where the law requires a specific special majority. In the event of a tie, the president shall have a casting vote and shall decide.

Members of the Supreme Powers or public officials who form part of the Board shall not receive attendance fees.

The same prohibition shall exist when the board of directors must hear a claim or a conflict in which that authorized entity, developer, or construction company is a party.

(As amended by the sole article of Law No. 8388 of October 9, 2003).

They may, when they deem it necessary, record in the respective minutes their opinions on the matters being debated, which must be issued before the vote. The deputy managers, department heads, and those persons especially invited may also attend. Nevertheless, at the judgment of the president of the Board, it may hold sessions with only its members present.

a)In the first session of June of each year, appoint a president and a vice president from among its members.
b)Determine the policy of the Bank and the System in general, approve its annual work plans, supervise their execution, and coordinate the Bank's activities with the public and private sectors.
c)Ensure that the purposes and responsibilities assigned to the BANHVI by this law are fulfilled.

ch) Issue the rules required for the internal administration and the organization of the Bank's departments and services, for which purpose it shall designate the Bank's officials and employees who will sign vouchers, receipts, checks, bills of exchange, correspondence, contracts, real estate securities, and others. It shall also set the limits and conditions under which these officials shall act.

d)Issue the regulations that will govern the operation of the System and the different financing programs that the Bank will implement.
e)Appoint and remove the general manager, the deputy managers, and the internal auditor, for which five votes will be required, and assign them their respective functions.
f)Authorize the contracting of loans.
g)Approve the Bank’s annual budgets and their amendments, submit them to the final review indicated by law, and review their liquidation.
h)Approve the Bank’s annual investment and loan programs and set the amounts and conditions that will apply to each of them.
i)Set the necessary reserves for the Bank’s operation.
j)REPEALED.

(Repealed by Article 164 of the Organic Law of the Central Bank of Costa Rica, No. 7558 of November 3, 1995) k) REPEALED.

(Repealed by Article 164 of the Organic Law of the Central Bank of Costa Rica, No. 7558 of November 3, 1995) l) REPEALED.

(Repealed by Article 164 of the Organic Law of the Central Bank of Costa Rica, No. 7558 of November 3, 1995) ll) REPEALED.

(Repealed by Article 164 of the Organic Law of the Central Bank of Costa Rica, No. 7558 of November 3, 1995) m) REPEALED.

(Repealed by Article 164 of the Organic Law of the Central Bank of Costa Rica, No. 7558 of November 3, 1995) n) REPEALED.

(Repealed by Article 164 of the Organic Law of the Central Bank of Costa Rica, No. 7558 of November 3, 1995) ñ) REPEALED.

(Repealed by Article 164 of the Organic Law of the Central Bank of Costa Rica, No. 7558 of November 3, 1995) o) REPEALED.

(Repealed by Article 164 of the Organic Law of the Central Bank of Costa Rica, No. 7558 of November 3, 1995) p) Hear appeals of challenges filed against resolutions issued by the General Management or the Internal Audit, and declare the administrative channel exhausted.

q)Approve the Bank’s annual report.
r)Entrust to the Management the preparation of studies and evaluations on matters of interest to it.
s)REPEALED.

(Repealed by Article 164 of the Organic Law of the Central Bank of Costa Rica, No. 7558 of November 3, 1995) t) Propose to the Executive Branch the necessary regulations for the execution of this law.

u)The other functions that by law correspond to it in its capacity as the supreme body of the Bank.

following functions:

a)Preside over the sessions of the Board of Directors and direct its debates.
b)Call extraordinary sessions in writing and with three days’ notice, specifying the matters to be addressed.
c)Resolve matters in which there is a tie with a double vote.

ch) Sign the Bank’s annual report, jointly with the general manager.

manager, with the favorable vote of no fewer than five of its members. The general manager shall be in charge of the general administration of the Bank, in accordance with this law, its regulations, and the policies set by its Board of Directors.

The Board of Directors may appoint one or more deputy managers when the development of the Bank so requires, by the same qualified majority, one of whom must replace the general manager during his temporary absences, as determined in each case by the Board of Directors. The deputy managers shall, in turn, have the functions that the general manager assigns to them, in consultation with the Board of Directors. Both the general manager and the deputy managers must meet the same requirements demanded of the members of the Board of Directors, according to Article 14 of this law.

The general manager and the deputy managers shall be full-time and exclusive-dedication officials. They are subject to the same provisions that Articles 14 through 16 of this law establish for the members of the Board.

The general manager and the deputy managers shall be appointed for periods of six years and may be reelected. They must have, at a minimum, a bachelor's degree (licenciatura), or its equivalent, and broad knowledge and experience in Economics, Finance, Banking, or Administration, and demonstrated experience in problems related to the country’s economic and social development.

administrative official of the Bank and responsible before the Board of Directors for the efficient and correct technical and administrative operation of the Bank.

This official shall have the following functions:

a)Program the activities necessary to achieve the Bank’s objectives within the general policy guidelines set by the Board of Directors.
b)Establish the institution’s general policies and submit them to the approval of the Board of Directors.
c)Exercise the functions inherent to his condition as administrator and chief of administrative personnel of the Bank, oversee the organization, operation, and coordination of all its units, and comply with the agreements of the Board of Directors and the applicable laws and regulations.

ch) Provide the Board of Directors with the regular, accurate, and complete information necessary to ensure the good governance and direction of the Bank.

d)Present to the Board of Directors, for its examination and approval, with the necessary advance notice, the Bank’s annual budget and, in due course, the corresponding budget liquidation.
e)Propose to the Board of Directors the creation of positions and services indispensable for the proper functioning of the Bank.
f)Appoint, promote, and remove subordinate personnel, grant them leaves, and impose sanctions on them, all in accordance with the respective regulations and the personnel roster serving the Bank.

The resolutions of the general manager in personnel matters shall exhaust the administrative channel.

The general manager may not appoint those who are linked by marriage or by consanguinity or affinity kinship, up to the third degree both inclusive, to the members of the Board of Directors, to the deputy managers, to the internal auditor, or to himself. However, it shall not be cause for removal of a member of the personnel that, after his appointment, persons having with him the aforementioned kinship are appointed to said positions, or that he becomes a relative by affinity of any of them.

g)Execute or cause to be executed the regulations and the agreements and resolutions issued by the Board of Directors. However, if the general manager considers that any of these is contrary to legal provisions or the interests of the Bank, he must present his objections in writing, within eight days following the day they were issued.

If the Board maintains its resolution or agreement, the general manager must comply with what was resolved, but he shall be exempt from liability in that case.

h)Authorize with his signature, jointly with the president, the annual report and, exclusively, all other documents indicated in the regulations of this law and in the agreements of the Board of Directors.
i)Exercise the legal representation of the Bank, judicial and extrajudicial, with the powers of a generalissimo agent without limit of sum as determined by Article 1253 of the Civil Code, subject to legal provisions and the specific instructions given to him by the Board of Directors.
j)Delegate powers to the deputy manager or to other officials of the Bank, except when his personal intervention is legally mandatory.
k)Exercise the other functions that correspond to him in accordance with this law, its regulations, and other applicable legal provisions.

preventive oversight and supervision and that which corresponds subsequently of all its units.

(As amended by Article 165 of the Organic Law of the Central Bank of Costa Rica No. 7558 of November 3, 1995) The Internal Audit shall function under the responsibility and immediate direction of an auditor or, failing that, a deputy auditor, appointed by the Board of Directors with the favorable vote of at least five of its members, as full-time and exclusive-dedication officials.

The internal auditor must be a certified public accountant and also meet the requirements demanded for the position of general manager. He may only be removed when, in the judgment of the Board of Directors, after the corresponding information has been gathered, it is demonstrated that he does not duly fulfill the functions and duties inherent to his position. By the nature of his position and the origin of his appointment, he shall be subject to the provisions that Articles 14 and 16 of this law indicate for the members of the Board of Directors, insofar as they are applicable. The removal of the internal auditor may only be agreed upon by the same number of votes necessary for his appointment, after consultation with the Contraloría General de la República.

in addition to those assigned to him by the Board of Directors:

a)Attend the sessions of the Board of Directors, with voice but without vote, and ensure that the resolutions and provisions it entrusts to him are fully complied with.
b)Oversee and supervise the operations, the fulfillment of obligations, the adequate use and administration of assets, and the correct handling of the Bank’s resources.
c)Supervise, insofar as it relates to his position, all acts, controls, and operations of the Bank, for which he shall verify the accounting and inventories with the corresponding documents and carry out the investigations he deems pertinent.

ch) Conduct cash counts and other verifications he considers convenient, at least twice a year, whether partial or total, without prior notice.

d)Present reports of his inspection and supervision activities to the Board of Directors, which may request from him any other actions it deems necessary.
e)Communicate to the general manager, in writing, all irregularities he observes in the operations and functioning of the Bank, and propose the necessary corrective and preventive measures. In case the respective official does not resolve the problem within a reasonable period, after receiving the corresponding report, he must submit the case, without delay, to the knowledge and resolution of the Board of Directors.
f)Freely examine all the Bank’s books and archives and require the presentation of balance sheets, financial statements, accounts, and other background information he considers opportune, in the manner, conditions, and terms jointly agreed upon by the general manager and himself.
g)Ensure strict compliance with the tasks the Board of Directors entrusts to him.
h)Exercise the other functions assigned to him in the laws and regulations.

Articles 32.- The Bank’s balances, accounts, and statements must be sent monthly to the General Audit of Banks (Auditoría General de Bancos).

draft annual report, and within the first three months of each fiscal year, the Bank must publish its final text, which must circulate widely, to publicize its economic situation and the work carried out in the preceding year. The annual report must include the balance sheet, the statement of income and expenses, and the statement of budget execution, as well as other statements considered convenient to better describe the institutional situation.

Of the Patrimony, Resources, and Prerogatives of the Bank

CHAPTER III

capital and reserve resources.

The capital resources shall be constituted by those coming from the transfer of the patrimony of the Caja Central de Ahorro y Préstamo del Banco Crédito Agrícola de Cartago, and by an initial contribution from the State, of one billion colones; by the resources of the Fondo Nacional de Vivienda and the Fondo de Subsidios para Vivienda referred to in Title Three of this law, and by the subsequent capital allocations that the State, national organisms, international institutions, or other natural or legal persons donate or deliver to it in any form; in addition, by the profits obtained from the Bank’s financial operations.

In the case of external credits, the Bank may contract them directly, with prior authorization from its Board of Directors and the Banco Central de Costa Rica, provided they do not require the sovereign guarantee of the State. If they require a sovereign guarantee, it must proceed in accordance with Law 8131, Administración Financiera de la República y Presupuestos Públicos, have authorization from the Ministerio de Planificación Nacional y Política Económica (Mideplán), the Autoridad Presupuestaria, the Ministerio de Hacienda, and the subsequent approval of the Asamblea Legislativa.

(As amended by Article 1 of Law No. 10538 of October 2, 2024, "Reforma Ley del Sistema Financiero Nacional para la Vivienda y Creación del BANHVI (Banco Hipotecario de la Vivienda), para reformar el Fondo Nacional de Vivienda y Promover el Acceso a Vivienda para la clase media")

These resources shall be used exclusively to cover the total operations of the entity, including any difference that may arise between the contribution and the operating cost of any of the administered funds, whether for the current period or for future periods, for which purpose the required reserves shall be created according to the needs estimated based on the multi-year vision defined by the Bank.

shall enjoy exemption from all types of taxes, present and future.

In addition, it shall have the following prerogatives:

a)Its operations and those it carries out with authorized entities shall be exempt from direct and indirect, national and municipal taxes, including those for stamped paper, fiscal stamps, stamps and other charges from professional associations and registration fees.

The public deeds and other operations referring to programs classified as of social interest, in accordance with the regulations issued by the Banco Hipotecario de la Vivienda (BAHNVI), shall accrue fifty percent (50%) of the corresponding professional fees.

( Thus amended by Article 1 of Law No. 7208 of November 21, 1990 ).

b)The same exemption applies to the issuance and transfer of the securities it issues or guarantees.
c)Exemption from posting cost bonds, from making deposits to obtain preventive attachments, and from making deposits to participate in judicial auctions.

( Thus amended by Article 1 of Law No. 7208 of November 21, 1990 ).

ch) Unseizability of its assets, deposits, funds, and income, except when it contractually waives this benefit to obtain specific credit facilities.

The certifications issued by the General Management, endorsed by the Bank’s internal auditor, shall have the character of an enforceable title when they refer to obligations in its favor.

(Note: Regarding the content of this article, see numeral 16 of Law No. 7088 of November 30, 1987 - vehicle import - and Articles 50 and 55 of No. 7293 of March 31, 1992 - exemption from payment of future taxes -)

entities, in which the Funds of the FOSUVI are used, it shall be sufficient that the contract is recorded at the foot of a certification on the property ownership and its encumbrances issued by the Public Registry, provided that the debtor has his signature authenticated by a notary, who shall give a certain date to the document. When the mortgage is constituted, the modifications of nature, location, and boundaries of the property or properties being encumbered may be indicated. These modifications shall be free of all fees, and the Public Registry shall make note of them. The assignment of mortgage credits may be done by simple endorsement at the foot of the credit

aforementioned manner.

title, provided that the endorser has his signature authenticated in the

cancellation of the mortgages granted or assigned may be done by means of a payment notation placed at the foot of the title, signed by the person or persons duly authorized by the authorized entity. For purposes of their registration in the Public Registry of Property, they must be authenticated by an attorney and must bear a notation of a certain date.

OF THE RESOURCES FOR PRODUCTIVE HOUSING (Thus amended the denomination of the previous title by Article 6 of the Ley de Vivienda Productiva de Interés Social, No. 10477 of May 22, 2024. Previously it read: "TITLE THREE OF THE SPECIAL FUNDS")

Of the National Fund for Housing

TITLE THREE

CHAPTER I

This Fund shall also have the objective of functioning as a means to promote the development of housing solutions in Costa Rica to reduce the housing deficit and to function, in turn, as a mechanism for economic reactivation, generating employment opportunities, especially unskilled occupations.

The main function of this Fund shall be to develop the instruments contained in Title Six of this law.

The Bank may contract financial intermediaries, stock market intermediaries, and/or specialized managers that allow for the structuring of different issuances of securities or other schemes, backed by mortgages, according to a predetermined risk profile, as well as the contracting of a manager with broad experience and who has the adequate systems to ensure the correct collection and administration of the credits that are transferred to the Fund's ownership. This manager shall also be responsible for providing the necessary information for the issuances and the reports to investors and regulators of the different instruments to be issued.

At all times, it is sought that the Fund be self-sustainable and with a purpose of impact on economic activity and social interest in favor of the debtors of mortgage loans in the segments to be promoted with these resources. The different figures for the issuance of securities or other schemes shall be those that are previously regulated by the corresponding supervisory entities.

(As amended by Article 2 of Law No. 10538 of October 2, 2024, "Reforma Ley del Sistema Financiero Nacional para la Vivienda y Creación del BANHVI (Banco Hipotecario de la Vivienda), para reformar el Fondo Nacional de Vivienda y Promover el Acceso a Vivienda para la clase media")

The functions of the Banhvi, in the administration of the Fonavi, shall be the following:

a)Define the risk profile of the debtors.
b)Contract short-term lines of credit for the acquisition of mortgages and payment of origination and administration fees for the assigned mortgage loan portfolios.
c)With prior authorization from the Board of Directors, contract authorized entities of the National Financial System (Sistema Financiero Nacional) to act as mortgage originators according to the previously defined risk profile, as well as administrators of the assigned mortgage loan portfolios. Likewise, it may contract structuring services for issuances and for the management team of the Fund's assets.
d)Establish homogeneous criteria for the mortgage loan contracts to be assigned, in order to standardize the credit contracts and their guarantees and achieve a standardization thereof to facilitate mortgage securitization processes.
e)With prior authorization from the Board of Directors, purchase mortgages under the best market conditions.
f)With prior authorization from the Board of Directors, contract the intermediaries that will be responsible for structuring the different public offering securities issuances, in order to carry out the public offering of those securities.
g)With prior authorization from the Board of Directors and based on technical-financial studies and legal evaluation, contract the services of the mortgage originating intermediaries as master servicers for these (collection, installment collection, as well as interest payments and other h) Define the market segments to benefit.
i)Define the maximum amounts to finance.
j)Ensure that the operation obtains the greatest possible amount of resources, at the longest term, and with the lowest costs to make the structures viable.
k)Prepare an annual report on the actions carried out by this Fund, in order to determine the beneficiary population, and present it to the Board of Directors.
l)Raise resources from the financial market through the issuance of securities for channeling toward the housing credit programs it develops.
m)Grant financing to authorized entities under the best cost and term conditions, in order to strengthen their housing credit programs.
n)Any others that are defined by regulation.

(Thus added by Article 3 of Law No. 10538 of October 2, 2024, "Reforma Ley del Sistema Financiero Nacional para la Vivienda y Creación del BANHVI (Banco Hipotecario de la Vivienda), para reformar el Fondo Nacional de Vivienda y Promover el Acceso a Vivienda para la clase media")

It may not use such resources for administrative expenses, which it shall cover with twenty percent (20%) of the income that this financing produces for it.

Disability, Old Age, and Death (Régimen de Invalidez, Vejez, y Muerte) of the Caja Costarricense de Seguro Social, from the deposits it captures, and from the loans the Bank contracts for that purpose.

The issuances of public offering securities issued in the financial markets by the Banhvi and by the special purpose vehicles that are constituted, given the social purpose and the economic reactivation purpose they pursue, shall be exempt from expenses such as registration stamps, transfers, interest tax, and capital gains tax, minimum legal reserve, and other distortions, all with the purpose of obtaining the cheapest funding to offer the lowest possible interest rates to the debtors of mortgage loans, and thereby influence employment generation. These exemptions shall be permanent.

The government may grant, totally or partially, guarantees to the public offering securities issuance programs that result from mortgage securitization processes by the Banhvi and by the special purpose vehicles constituted for this purpose and, likewise, it may negotiate with external entities such as multilateral development agencies or international banks, guarantees and coverage to make the investment or financing of these programs more attractive.

The securities issued under the framework of this law and the mortgages acquired shall enjoy the same benefits established in Law 8507, Desarrollo de un Mercado Secundario de Hipotecas con el Fin de Aumentar las Posibilidades de las Familias Costarricenses de Acceder a una Vivienda Propia, y Fortalecimiento del Crédito Indexado a la Inflación (unidades de desarrollo-UD), of April 28, 2006.

These public offering securities shall be regulated and supervised by the respective regulations issued by the Sugeval, regarding the requirements and conditions for their issuance and placement, resulting from mortgage securitization processes; especially on matters related to the adequate disclosure of information to the market and the protection of the rights of investors, as well as the legal structuring mechanisms, contracts, prospectuses, and other documents that must accompany the issuance, the type of securities and their characteristics, the coverage mechanisms, and the information and disclosure that must be generated for the securities market.

of Disability, Old Age, and Death, the Caja Costarricense de Seguro Social shall maintain in time deposits issued by the Bank a minimum amount equivalent to twenty-five percent (25%) of its portfolio of transitory investments. These deposits shall be constituted for terms not exceeding three months and shall earn interest at a rate set by the Bank, in accordance with financial market conditions.

according to the income of the different family groups, in such a way that the financing conditions it sets for the higher-income groups allow the Fund to obtain, as a whole, an appropriate net return that ensures its permanence and adequate growth.

Of the Subsidy Fund for Housing

CHAPTER II

It shall be administered by the Bank and shall be constituted by the following contributions:

(Thus amended the previous paragraph by Article 1 of the Law to safeguard the right to housing of women who suffer gender violence, No. 10770 of November 4, 2025) a) At least eighteen point zero seven percent (18.07%) of all annual ordinary and extraordinary income of the Fondo de Desarrollo Social y Asignaciones Familiares (Fodesaf). Under no circumstances shall it receive an amount less than the equivalent of thirty-three percent (33%) of the resources that the Fodesaf collects as the five percent (5%) surcharge established in subsection b) of Article 15 of Law No. 5662, and its amendments.

(Thus amended the previous subsection by Article 4 of Law No. 8783 of October 13, 2009) b) (Repealed by Article 33 of Title IV of the Ley de Fortalecimiento de las Finanzas Públicas, No. 9635 of December 3, 2018) c) Donations and other contributions from public and private, national or foreign entities.

(Thus amended by Article 1, subsection c) of Law No. 7950 of December 7, 1999) d) Seventy percent (70%) of the income generated by the tax regulated in Law 8683, Impuesto Solidario para el Fortalecimiento de Programas de Vivienda, of November 19, 2008, so that it is directed to the attention of the defined target public.

(Thus added the previous subsection by Article 3 of the Law for the consolidation and strengthening of the collective voucher program, No. 10513 of September 4, 2024)

directly to the Bank, in monthly installments, the sums corresponding to the percentage indicated in subsection a) of the preceding article, collected on behalf of the Fondo de Desarrollo Social y Asignaciones Familiares. The Ministerio de Hacienda shall also transfer to the Bank, in monthly installments, the sums corresponding to the state contribution indicated in subsection b) of the same article. The Contraloría General de la República shall ensure the faithful fulfillment of this provision.

Fondo de Subsidios para Vivienda, without the need for a special law to authorize it. Donations made to FOSUVI by any natural or legal person may be considered as expenses for income tax purposes.

These costs shall be a maximum of six percent (6%) of the sums placed annually by the Fund. From the aforementioned sum, two percent (2%) shall be transferred to the authorized entities; the remainder shall be allocated to the Banco Hipotecario de la Vivienda (Banhvi), which may not use more than fifty percent (50%) of this amount for expenses in the budgetary items of personal services, foreign travel expenses, transportation to or from abroad, nor consultancies, information, or advertising.

(Thus amended by Article 3 of Law No. 9002 of October 31, 2011)

This voucher (bono) shall also be granted to build the house for teachers of rural schools with a maximum of three classrooms, through the corresponding school board. The purpose is to provide social-interest housing solutions through the family housing voucher (bono familiar de la vivienda). Likewise, older adults lacking a family nucleus and persons with disabilities lacking a family nucleus shall be eligible for these benefits. In no case shall the maximum amount of the subsidy exceed the equivalent of thirty minimum monthly salaries of an unskilled worker in the construction industry.

(Thus amended the preceding paragraph by Article 1 of Law No. 9209 of February 20, 2014) The amount of the Bono Familiar para la Vivienda or subsidy may be weighted according to the number of members of the family, in accordance with the regulations of said Fund.

(*)Notwithstanding the provisions of the first paragraph of this article, the Board of Directors of the Banco Hipotecario de la Vivienda (Banhvi), by reasoned agreement and upon a proposal from the Management, may authorize the delivery of a second voucher (bono) to beneficiary families, only in the following cases:

a)When, due to natural catastrophes or those produced by a casualty, fortuitous event, or force majeure, they have lost the dwelling built with the resources of the voucher (bono). It shall be a condition that the family continues to meet the requirements to qualify as a beneficiary of the subsidy and that the insurance on the property does not cover the damages caused by the catastrophe. The maximum amount of the subsidy indicated in the first paragraph of this article shall apply only to families that, having their own lot or land, this has not been affected and retains its residential vocation (vocación habitacional).

In cases where the affected or damaged family merits a relocation due to the loss of both the property or lot, and the housing construction that was located on it, said maximum amount shall not apply.

b)When, after the granting of the first voucher (bono), a member of the family nucleus presents a disability condition (condición de discapacidad), duly certified, that merits remodeling, expanding, or improving the dwelling, to maintain or improve their quality of life. For these purposes, the family must meet the requirements that qualify them as a beneficiary of the subsidy.

The amount of the subsidy for a second voucher (bono), for the cases contemplated in this subsection, shall be defined in accordance with the needs of each case and may not exceed the total amount established in the first paragraph of this article.

(*) (Thus amended the preceding paragraph by Article 1 of the Law authorizing the granting of a second family housing voucher for persons with disabilities, No. 9821 of March 3, 2020) (Thus amended by Article 1, subsection d) of Law No. 7950 of December 7, 1999, and its last paragraph added by Article 1 of Law No. 8021 of September 5, 2000)

their residence to guarantee their personal safety and that of their family. Likewise, their monthly income must not exceed the maximum of six times the minimum salary of an unskilled worker in the construction industry.

The condition of older adults without a family nucleus and of persons with disabilities without a family nucleus must be certified by the Consejo Nacional de la Persona Adulta Mayor (Conapam) and by the Consejo Nacional de Rehabilitación y Educación Especial (CNREE), respectively.

For the purposes of this law, persons with disabilities shall be understood as established in the following laws: Ley 7600, Igualdad de Oportunidades para Personas con Discapacidad, of May 2, 1996, and, for young couples, as established in Ley 8261, Ley General de la Persona Joven, of May 2, 2002, and Ley 5476, Código de Familia, of December 21, 1973.

In the case of women who suffer situations of gender violence and need to change their residence to guarantee their personal safety and that of their family, this condition of vulnerability shall be accredited by a technical opinion issued by the Instituto Nacional de las Mujeres (lnamu). Likewise, when the case is in the judicial process, both in criminal matters and in cases of domestic violence proceedings in which protective measures are granted, these conditions may be accredited by a report issued by the Departamento de Trabajo Social y Psicología of the Poder Judicial, by the Oficina de Atención y Protección a la Víctima del Delito (OAPVD) of the Ministerio Público, by the judge processing the case, or through the judicial ruling.

(Thus amended by Article 2 of the Law to safeguard the right to housing of women who suffer gender violence, No. 10770 of November 4, 2025)

Above this and up to the maximum of six minimum monthly salaries of an unskilled worker in the construction industry, the amount of the subsidy shall be defined in inverse relation to the monthly family income, in accordance with the Reglamento del Fondo de Subsidios para la Vivienda (Fosuvi), and shall also be granted as a donation.

(Thus amended by Article 3 of the Law to safeguard the right to housing of women who suffer gender violence, No. 10770 of November 4, 2025)

a)In the case of private authorized entities, they must be subject to the mandatory application of the internal control principles and technical standards issued by the Contraloría General de la República and directed at private-law persons who are custodians or administrators of public funds. The internal audit department of the Banhvi and of each authorized entity shall be responsible for ensuring the correct fulfillment of said principles and standards, in accordance with the regulations issued by the Banhvi.
b)Sign a resource administration contract with the Banhvi, with the rights and obligations provided in these regulations and in the rules to be issued for this purpose by its Board of Directors, and post the necessary bonds to guarantee the fulfillment of the obligations agreed upon by the Banhvi in this regard.
c)Entities subject to supervision and oversight by Sugef must meet the requirement of not being in a situation of financial irregularity according to the regulations of that body.

(Thus added by Article 2 of Law No. 8924 of February 3, 2011. Previously this article had been repealed by Article 3 of Law No. 7208 of November 21, 1990)

(Thus amended the preceding paragraph by Article 4 of the Law to safeguard the right to housing of women who suffer gender violence, No. 10770 of November 4, 2025) The Board of Directors of the Banco Hipotecario de la Vivienda (Banhvi) may authorize that the family housing voucher (bono familiar de vivienda) subsidy may also be applied in a deferred manner to partially amortize the loans (créditos) referred to in the preceding paragraph, in accordance with the following rules and those issued by regulation by said entity:

a)The amount of the subsidy shall be deposited in the authorized creditor entity, in separate accounts, itemized for the respective recipient and with the sole purpose of being used for this investment plan. As long as the ultimate purpose of said resources has not been fully and legally achieved, the resources are public funds, property of the Banhvi, and with respect to them, acquired rights or consolidated legal situations may not be alleged by the authorized entities, the beneficiary persons, or recipients. In these cases, the purpose shall be achieved when the subsidy has been legally exhausted.
b)As necessary to attend to the amortization of the loan (crédito) and current interest, the authorized creditor entity shall use the subsidy resources to partially cover the payment of the installment according to the percentage indicated by the Regulations. The deposits must be made to the Banhvi in a single tract, at the moment in which the operations subject to this and to the regulations defined by the Banhvi are formalized.
c)Loans (Créditos) subject to this program shall be exclusively for the following programs: purchase of existing dwelling, purchase of lot and construction of dwelling, construction on one's own lot, and mortgages generated from these investment plans and must be completely free of other mortgages, liens, embargoes, and annotations. While the loans (créditos) are being attended to partially with family housing voucher (bono familiar de vivienda) subsidy resources, the imposition of new liens on these properties may not be authorized, in any case. The Registro Inmobiliario shall register the mortgages referred to in this article, with the indication that the payment installment carries a component of family housing voucher (bono familiar de vivienda) resources, and shall not annotate or register new mortgage liens while the preceding lien has not been canceled at the registry level.
d)The partial payment charged to the subsidy shall be made simultaneously, when the debtor person, in turn, makes a payment of an installment charged to their own equity. Upon administrative or judicial default or when the beneficiary breaches the obligations provided in Article 169 of the Ley del Sistema Financiero Nacional para la Vivienda or Article 777 of the Código Civil, the application of the subsidy for the payment of the debt must be suspended and in accordance with the provisions of the Regulations.

The suspension may be precautionary or definitive, and the resumption of payments may only be done in accordance with the regulatory procedure, seeking to satisfy, primarily, the public interest.

e)In cases such as the death of the debtor person, destruction of the property by natural phenomena, and other similar cases, in which the debt is canceled through the application of policies, all balances or remnants of the subsidy shall be returned without further procedure to the Banhvi. The same procedure may be applied, if necessity exists, in cases such as intervention, liquidation of the entity, merger, and bankruptcy. The Banhvi shall issue the necessary rules to attend to these types of cases; these rules shall be of mandatory compliance for intervening parties, curators, and liquidators. It is understood that in all cases where the sale of the property by the beneficiary persons is authorized and there are remnants of the subsidy pending application, a novation of debtor shall not proceed for them. These authorizations may only be granted by exception and in highly qualified cases, as provided in the Regulations.
f)Whenever the application of resources is suspended for reasons as indicated in subsections d) and e), the remnants shall be transferred to the Banhvi with their un-liquidated yields or may remain under administration of the authorized entity capitalizing the yields, all in accordance with the regulations of the Regulations and the instructions or precautionary measures that the Banhvi issues for each case or set of such cases.
g)In cases of judicial auction or dation in payment (dación en pago), the following rules shall apply:
i)If the authorized entity is awarded the property by auction or by dation in payment (dación en pago), it must reimburse the Banhvi the amount of resources used for the payment of the installment, once the procedures established in the regulations that the Superintendencia General de Entidades Financieras (Sugef) has issued for this purpose on the distribution of profits from the sale of awarded assets have been applied.
ii)If at a judicial auction a third party is awarded the property, the authorized entity shall reimburse the Banhvi the family voucher (bono familiar) resources actually used to amortize the debt, once the balance of its credit has been settled in court. The term and form of payment shall be established in the Regulations.
h)Authorized entities must invest subsidy resources not subject to immediate availability in instruments of the highest security and profitability, according to the instructions and provisions issued by the Banhvi; the interest shall be transferred to it and shall form part of Fosuvi.

(Thus amended by Article 1 of Law No. 8924 of February 3, 2011)

(Thus amended by Article 5 of the Law to safeguard the right to housing of women who suffer gender violence, No. 10770 of November 4, 2025)

When older adults and persons with disabilities without a family nucleus receive the subsidy, the property must be registered in their name. When dealing with women who suffer situations of gender violence and need to change their residence to guarantee their personal safety and that of their family, the property must be registered solely in their name.

(Thus amended by Article 6 of the Law to safeguard the right to housing of women who suffer gender violence, No. 10770 of November 4, 2025)

approve the conditions for granting the benefit of the Fund. This shall be processed and qualified, exclusively, through the authorized entities.

(Thus amended by Article 165 of the Ley Orgánica del Banco Central de Costa Rica No. 7558 of November 3, 1995)

granting of the subsidy shall be made under oath before the authorized entities. Applicants who incur in providing false data shall be disqualified from obtaining this benefit. In the event that it has already been granted, the guarantees constituted in favor of the Bank or the authorized entity shall become enforceable through the mortgage execution proceeding (vía ejecutiva hipotecaria), without prejudice to the remaining responsibilities in accordance with the legal system.

The diversion of subsidy resources for other purposes shall also be sanctioned.

(Thus amended by Article 1 of Law No. 7208 of November 21, 1990)

For repairs or improvements, they shall have access to the family housing voucher (bono familiar) in the proportional manner indicated by the corresponding regulations. The Caja Costarricense de Seguro Social (CCSS) shall be responsible for issuing an opinion on the total and permanent disability of the person. The bank shall give priority to these types of cases.

The same right shall be held by those who, due to their condition as persons with disabilities, cannot carry out work that allows them sustenance or do not have a family nucleus that can provide it. In this case, the regulations relating to the minimum salary shall also apply, as well as the amount and conditions of the voucher (bono) established in the preceding paragraph. The qualification of these beneficiaries shall correspond to the Caja Costarricense de Seguro Social (CCSS), respectively. The Caja shall charge for the assessment and certification service only to those persons who do not have a medical file in the institution.

Upon duly motivated prior authorization from the Board of Directors, based on the corresponding technical study, in each case, the Banco Hipotecario de la Vivienda (Banhvi) may allocate up to forty percent (40%) of the annual income of the Fondo de Subsidios para la Vivienda (Fosuvi) to subsidize, through the authorized entities of the Sistema Financiero Nacional para la Vivienda, the acquisition, segregation, adjudication of land, urbanization works, improvements, construction of dwellings, in the case of community housing projects intended to be used by older adults, housing for single older adults, individual dwellings or collectives for the eradication of slums (tugurios) and precarious settlements (asentamientos en precario), located in rural or urban areas, for families whose income is equal to or less than one and a half minimum salaries of an unskilled worker in the construction industry or who have been declared in a state of emergency.

The Banhvi shall establish the conditions and mechanisms to grant these subsidies and must allow, finally, the individualization of the subsidies, as provided in this chapter, as well as clearly establishing the administration costs of these types of programs by the authorized entities, given their complexity, which in no case shall exceed five percent (5%) of the total project amount. The Banhvi shall annually evaluate the destination of the funds and implement control and oversight mechanisms, with an integrated risk assessment system, sufficient and necessary to guarantee that the resources allocated to this Fund are used in accordance with the principles of equity, justice, and transparency.

Furthermore, it shall be obliged to comply with current quality regulations. Non-compliance with what is described in the preceding paragraph shall entail carrying out the steps to apply the corresponding administrative and criminal sanctions, both to those who fail to comply with this rule and to those responsible for enforcing it. In addition, the Board of Directors may allocate part of these resources to the execution of housing construction projects, to achieve the participation of interested parties duly organized in cooperatives, specific associations, public institutions, or social welfare organizations, so that they build community dwellings destined for the granting of rights of use and occupancy to older adults, development associations, or solidarity associations (asociaciones solidaristas), as well as to address housing problems caused by emergency situations or extreme necessity.

(Thus amended by Article 17 of the Law for the Creation of the special regime for community housing to guarantee access to the right to housing for older persons in a condition of vulnerability, No. 10214 of May 5, 2022)

(Repealed by Article 164 of the Ley Orgánica del Banco Central de Costa Rica, No. 7558 of November 3, 1995)

popular and social-interest housing that are developed for the beneficiaries of the Fondo de Subsidios para la Vivienda, as well as the construction plans, must be approved by the Departamento de Urbanismo of the Instituto Nacional de Vivienda y Urbanismo, before receiving the consent of the Bank. The construction permits and the municipal "approvals" (visados) shall enjoy the privilege of simultaneity for review and approval in the different entities, which shall have a maximum period of thirty days to issue a decision. Once this period has expired, the permits shall be considered approved. In the event that the respective applications are rejected, the municipalities must notify the interested party within the indicated period and shall indicate the points for which approval is not granted; these, once corrected, may be submitted again, and the Municipality must decide within a non-extendable period of eight days. The officials responsible for the processing of said permits may be sanctioned if negligence is proven or if any consequence arises from their actions.

( Thus amended by Article 1 of Law No. 7208 of November 21, 1990, and modified by Resolution of the Sala Constitucional No. 467-99 at 14:39 hours on January 26, 1997, which annulled as unconstitutional the last two paragraphs).

housing programs.

(Repealed by Article 2, subsection ñ) of Law No. 7293 of March 31, 1992).

The cost of correcting any omission of this regulation shall be borne exclusively by the authorized entities.

(Thus amended by Article 1 of Law No. 9209 of February 20, 2014)

Fondo del Bono Colectivo (Thus added the previous chapter by Article 1 of the Law for the consolidation and strengthening of the collective voucher program, No. 10513 of September 4, 2024)

CHAPTER III

In the event that there are sufficient resources after fulfilling the priority objective defined above, resources from the Fondo del Bono Colectivo may also be used for the financing of the construction of communal works and social infrastructure, which facilitates the articulation of social programs, with an objective of integrality, that promotes inclusion and social cohesion in the areas intervened in human settlements. In terms of communal works and social infrastructure, the investment may include:

1. The networks and systems for the provision of basic sanitation, energy, and information technology services.

2. Social and community infrastructure.

3. Internal and external access and mobility networks between the different sectors of the community or the interrelation of this with other communities.

4. Green, sports, and recreational areas, which promote coexistence and social cohesion for the improvement of quality of life, in the settlements and communities.

5. Productive infrastructure referring to the set of community or state facilities where productive activities or fundamental parts of the productive cycle are developed.

The entity requesting the collective voucher (bono colectivo) may contribute investments in social infrastructure as a counterpart in the project.

(Thus added by Article 1 of the Law for the consolidation and strengthening of the program of collective voucher, No. 10513 of September 4, 2024)

a)Resources from the tax regulated in Ley 8683, Impuesto Solidario para el Fortalecimiento de Programas de Vivienda, of November 19, 2008.
b)Contributions that municipalities may make for the development of joint urban improvement projects. For these purposes, municipalities are authorized to make donations and transfers to the Fondo del Bono Colectivo.
c)Transfers made by the Poder Ejecutivo, through the ordinary and extraordinary budgets of the Republic, to finance the development of collective voucher (bono colectivo) projects, which shall be allocated through the Ministerio de Vivienda y Asentamientos Humanos (Mivah).
d)Donations, legacies, and other contributions to the Fund, made by public and private, national and foreign entities, for the fulfillment of its objectives. For these purposes, autonomous institutions, semi-autonomous institutions, and public companies are authorized to make donations and transfers to the Fondo del Bono Colectivo.

These contributions may be considered counterpart funds, in the case of institutions proposing projects to be financed with the collective voucher (bono colectivo).

(Thus added by Article 1 of the Law for the consolidation and strengthening of the program of collective voucher, No. 10513 of September 4, 2024)

Criteria such as poverty and social development indices prepared by the National Institute of Statistics and Census (INEC), the Mivah's inventory of informal settlements (asentamientos informales), and the Prioritization System for the Attention of Informal Settlements (Sipai) must be taken into account, also considering the priorities defined in the National Development Plan and the Executive Branch's policies on housing, and seeking an equitable distribution of resources across all regions of the country, favoring comprehensive and multisectoral interventions that effectively contribute to alleviating poverty and promoting social inclusion.

The definition of priorities for attention, through the collective bond modality, shall correspond to the Ministry of Housing and Human Settlements, which will take into account the degree of comprehensiveness and multisectorality of the interventions proposed to be carried out in the human settlements, their prospects for success in alleviating conditions of vulnerability, their effectiveness in promoting social inclusion, and the right to the city.

The different projects to be financed through the collective bond must have, among their priorities, improving the quality of life of the inhabitants, access to institutional services, giving special preference to those providing comprehensive attention, especially so that the population has access to the institutional offering of social programs and environmental sanitation. Projects that promote resilient communities and that seek safe and accessible public spaces will also be analyzed.

The Collective Bond Fund may not be used for cases of infrastructure repair that occur during the professional civil liability or warranty period. When deteriorations or failures are detected, the competent entity will activate the procedures to demand the quality and proper functioning of the contracted works, as well as the applicable sanctions, whether these works are from the National Housing Finance System or from other institutions.

(Thus added by Article 1 of the Law for the consolidation and strengthening of the collective bond program, No. 10513 of September 4, 2024)

The Mivah will provide advice and guidance to community and social organizations wishing to formulate projects for the benefit of their communities based on data and through the development of participatory and technical methodologies, with the support of urban planning instruments that allow for evidence-based decision-making and informed prioritization of projects.

(Thus added by Article 1 of the Law for the consolidation and strengthening of the collective bond program, No. 10513 of September 4, 2024)

Housing Financing Program for Youth (Thus the preceding chapter was added by Article 8 of Law No. 9151 of August 27, 2013, "Access to Housing for Young People") (Thus the numbering of the preceding chapter was modified by Article 2 of the Law for the consolidation and strengthening of the collective bond program, No. 10513 of September 4, 2024, which transferred it from the old Chapter III to Chapter IV)

CHAPTER IV

(Thus added by Article 8 of Law No. 9151 of August 27, 2013, "Access to Housing for Young People") (Thus numbering modified by Article 2 of the Law for the consolidation and strengthening of the collective bond program, No. 10513 of September 4, 2024, which transferred it from the old Article 65 bis to Article 65 sexies)

(Thus added by Article 8 of Law No. 9151 of August 27, 2013, "Access to Housing for Young People") (Thus its numbering was modified by Article 2 of the Law for the consolidation and strengthening of the collective bond program, No. 10513 of September 4, 2024, which transferred it from the old Article 65 ter to Article 65 septies)

Subsidy for housing in insular territories (Thus the preceding chapter was added by the sole article of Law No. 9779 of November 12, 2019. Note that a Chapter III already exists named: "Housing Financing Program for Youth", comprising numerals 65 bis, 65 ter, and 65 quáter)

CHAPTER III

Only those persons who have existing dwellings in the country's insular territories may opt for this benefit.

(Thus added by the sole article of Law No. 9779 of November 12, 2019) (Thus amended by the sole article of the Popular Housing Law for the Islands: Reform of the National Housing Finance System and Creation of BANHVI Law, to grant bonds for the construction of dwellings on the Islands, No. 10857 of February 19, 2026)

a)On Isla Venado: towns of Florida, Jícaro, barrio de Los Barrios, and Oriente.
b)On Isla Chira: towns of Palito, Jícaro, Bocana, Montero, San Antonio, Playa Muertos.
c)On Isla Caballo: towns of Playa Torres and Playa Bonifacio.
d)Isla Cedros: town of Cedros.
e)Islita: town of La Islita.

(Thus added by the sole article of Law No. 9779 of November 12, 2019)

The State shall retain ownership over all insular territories, by reason of the regulations in force in our country.

(Thus added by the sole article of Law No. 9779 of November 12, 2019)

a)Natural persons not contemplated in the census or physical inventory of occupation to be carried out for these purposes by the Joint Institute for Social Aid (IMAS).
b)Legal persons, whether for-profit or non-profit, with the exception of lands corresponding to civil or communal associations of the island's inhabitants whose purpose is to ensure their well-being.

(Thus added by the sole article of Law No. 9779 of November 12, 2019)

The financing referred to in this rule includes all types of public buildings intended for health, security, recreation, and education.

(Thus added by the sole article of Law No. 9779 of November 12, 2019)

Productive Housing Fund (Fovipro) (Thus the preceding chapter was added by Article 6 of the Productive Social Interest Housing Law, No. 10477 of May 22, 2024)

CHAPTER V

The Productive Housing Fund (Fovipro) is hereby created, the objective of which shall be that families, older adults without a family nucleus, persons with disabilities without a family nucleus, female heads of household, and young people between eighteen and thirty-five years of age with a family nucleus, who are of limited economic resources, may own a dwelling suited to their needs and socioeconomic possibilities, and that the State guarantees them this benefit, under the productive housing model established in this law.

The Fovipro resources destined for the construction of the dwelling shall be administered by the Mortgage Housing Bank (Banhvi), while the resources of the Productive Housing Program, destined for the development of the productive activity, shall be administered by the Development Banking System (SBD), with the purpose of facilitating the development of collective or individual mixed-use housing projects for persons who opt for the Productive Housing Program and who qualify, whether because they develop or will develop a feasible venture. The resources of Fovipro and those of the SBD's Productive Housing Program shall be executed through the authorized entities of the National Housing Finance System and the financial operators of the SBD.

The Banhvi, jointly with the Rural Development Institute (Inder), must carry out special productive housing programs in rural areas, and the Inder is also authorized to finance, with its own resources, projects that meet the requirements established in this law.

The Banhvi may enter into non-reimbursable cooperation agreements or strategies with public or private entities to provide adequate technical support to the beneficiaries of this law, regarding each productive project or venture at any stage of its life cycle, in technical advice and business support, as well as in support for entrepreneur training and education processes.