BRIEFS. Real estate

Low-Income Residents may own public housing

The manager of the Banco Hipotecario Nacional, Julio Javier Justiniani, said that up to 10,000 people who live in government financed apartments could benefit from a law approved yesterday by President Martín Torrijos allowing them to claim ownership of their residences. The government is considering a law that would allow people who have made 200 payments on a publicly-owned apartment to become the owner of the property. The residents would then be able to sell their apartment.

People who have made between 120 and 199 payments would be able to claim 75 percent ownership of the property if they decide to sell it.The law is designed to give property rights to low-income residents who have received housing in apartments built with money from the Banco Hipotecario Nacional, an institution that finances public housing projects.