Infonavit Law Reform: What You Need to Know

The joint Housing and Labor and Social Security committees of the Chamber of Deputies have approved a draft reform to the Law of the Institute of the National Housing Fund For Workers (Infonavit). This reform would enable Infonavit to undertake housing construction. The proposed changes received 46 votes in favor, 10 against, and no abstentions. The reform maintains tripartite representation in Infonavit's governing bodies such as the Surveillance Commission and the Transparency and Audit Committees. The reform also removes the possibility of remuneration for members.

The reform acknowledges the authority of the Infonavit Administration Council to approve the annual construction investment budget. In terms of oversight, the Ministry of Finance and Public Credit (SHCP) and the National Banking and Securities Commission (CNBV) would establish standards for responsible credit practices. Additionally, Article 66 bis recognizes the Superior Audit of the Federation's power to supervise Infonavit's operations.

However, the National Action Party (PAN) and the Institutional Revolutionary Party (PRI) have expressed concerns about the federal government's ability to manage a construction company. Deputies Lorena García of PAN and Eruviel Alonso of PRI cited projects such as the Maya Train, the Dos Bocas refinery, and the Felipe Ángeles International Airport (AIFA) as examples of the State's lack of experience in creating profitable projects.

Maiella Gómez Maldonado, a Morena deputy and president of the Labor and Social Security Committee, stated that the Infonavit reform has three main objectives: credit delivery, providing access to social leasing schemes, and housing construction. Morena deputy Alejandro Peña added that the reform will allow people earning one to two minimum wages to afford a home. He assured that the 2.4 trillion pesos held by Infonavit would not be used for housing development. Instead, a budget of around 70,000 million pesos has been allocated for these actions.

The Chamber of Deputies is expected to discuss and approve the draft in February before returning it to the Senate of the Republic for final endorsement.