Institutional Program of the Federal Mortgage Society and Housing Credit Insurance 2025-2030



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DOF: 07/11/2025

INSTITUTIONAL PROGRAM OF THE FEDERAL MORTGAGE SOCIETY AND HOUSING CREDIT INSURANCE 2025-2030

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Treasury.- Secretariat of Treasury and Public Credit.

INSTITUTIONAL PROGRAM OF THE FEDERAL MORTGAGE SOCIETY AND HOUSING CREDIT INSURANCE 2025-2030

The General Director of the Federal Mortgage Society, National Credit Society, Development Banking Institution and Housing Credit Insurance SHF, Variable Capital Anonymous Society, based on what is established in article 22, fraction II of the Organic Law of the Federal Mortgage Society (Organic Law); article 22 of the Organic Regulations of the Federal Mortgage Society, National Credit Society, Development Banking Institution (Organic Regulations); clause Nineteenth, fraction III of the Social Statutes of Housing Credit Insurance SHF, Variable Capital Anonymous Society (Social Statutes), and in compliance with the agreements adopted by the Board of Directors of the Federal Mortgage Society, National Credit Society, Development Banking Institution and the Board of Administration of Housing Credit Insurance SHF, Variable Capital Anonymous Society, in their extraordinary sessions 87, held on September 15, 2025 and extraordinary 34, held on September 15, 2025, respectively, through which both governing bodies approved the Institutional Program; for the above, based on what is established in articles 19, second paragraph, 20, fraction I Bis, of the Organic Law; 22 of the Organic Regulations; 42, fraction IX Bis, of the Credit Institutions Law; clause Eighteenth, fractions XIV and XVII, section A, numeral 1, of the Social Statutes; 70, fraction I, subsection b) of the Insurance and Surety Institutions Law; 58, fraction II of the Federal Law of Parastatal Entities, which were drafted in consideration of what is provided in articles 17, fractions II, V and VI, 24 and 29, third paragraph of the Planning Law; numeral 45 of the Criteria for the management, evaluation and updating of programs derived from the National Development Plan 2025-2030; articles 47, 48, 50 and 59, fraction II of the Federal Law of Parastatal Entities; 31 of the Credit Institutions Law; 22, fraction II Bis and 28 of the Organic Law and clause Nineteenth, fraction IV of the Social Statutes, which were approved by the Secretariat of Treasury and Public Credit, has deemed it appropriate to publish the following:

1. Index

Index

Identification of the source of resources of the Program

Acronyms and abbreviations

Legal basis

Diagnosis of the current situation and long-term vision

Objectives

Strategies and lines of action

Indicators and goals

2. Identification of the source of resources of the Program

The Federal Mortgage Society, National Credit Society, Development Banking Institution, in its capacity as a Parastatal Entity of the Federal Public Administration, Majority State Participation Company and National Credit Society, is established as a Coordinated, Non-Supported Entity with Indirect Control, whose own income is not included in the Revenue Law, and its expenditures do not form part of the total net spending.

In this sense, all the actions considered in the Program, including those corresponding to its objectives, strategies and lines of action, as well as the inter-institutional coordination work for the implementation of said actions, the monitoring, reporting and accountability of them, will be charged to the budget authorized to this Financial Institution, so it will not be necessary to request additional public resources to the authorized budget, always attending to the principles of the Federal Law of Republican Austerity.

3. Acronyms and abbreviations

ABM

Mexican Banks Association

APF

Federal Public Administration

APVS

Housing Producing Agencies

BANXICO

Bank of Mexico

CNBV

National Banking and Securities Commission

CNSF

National Insurance and Surety Commission

CONAPO

National Population Council

CONAVI

National Housing Commission

CPEUM

Political Constitution of the United Mexican States

ENIGH

National Survey of Household Income and Expenses

USA

United States of America

IMF

International Monetary Fund

FOVISSSTE

Housing Fund of the Institute for Social Security and Services for State Workers

D.B.I.

Development Banking Institution

ICAP

Capitalization Index

FI

Financial Intermediaries

IMOR

Delinquency Index

IMSS

Mexican Institute of Social Security

INFONAVIT

Institute of the National Housing Fund for Workers

INEGI

National Institute of Statistics and Geography

LAIF

Latin American Investment Fund of the European Commission

LFEP

Federal Law of Parastatal Entities

LIC

Credit Institutions Law

LV

Housing Law

billions of pesos

NAMA FACILITY

Sustainable Housing Programs

ONAVIS

National Housing Organizations

OREVIS

State Housing Organizations

GDP

Gross Domestic Product

NDP

National Development Plan

PNI

National Infrastructure Program

PRONAFIDE

National Program for Development Financing

PRONAVI

National Housing Program

PSEDATU

Sectoral Program for Agrarian, Territorial and Urban Development

HR

Housing Backlog

RHA

Extended Housing Backlog

RUV

Unique Housing Registry

SCV-SHF

Housing Credit Insurance

SM

Minimum Wage

SMA

Annual Minimum Wage

S.N.C.

National Credit Society

SNIIV

National Housing Information and Indicators System

SSH

Mortgage Sofomes and Sofoles

SABG

Anti-Corruption and Good Government Secretariat

SHCP

Secretariat of Treasury and Public Credit

SHF

Federal Mortgage Society S.N.C., D.B.I.

SOCAPS

Savings and Loan Cooperative Societies

SOFIPOS

Popular Financial Societies

SOFOLES

Limited Purpose Financial Societies

SOFOMES

Multiple Purpose Financial Societies

UMA

Measurement and Update Unit

UMAS

Measurement and Update Units

4. Legal basis

The Federal Mortgage Society, S.N.C., D.B.I., has the purpose of promoting the development of the primary and secondary housing credit markets, through the granting of credit and guarantees destined for the construction, acquisition and improvement of housing, preferably of social interest in terms of its Law and Organic Regulations, as well as for the increase in productive capacity and technological development, related to housing; and in its capacity as a sectorized parastatal entity under Administrative Branch 06 Treasury and Public Credit, it is subject to the provisions in matters of development planning of the APF.

Article 26, section A, of the CPEUM, states that the State will organize a democratic planning system for national development that imparts solidity, dynamism, competitiveness, permanence and equity to the growth of the economy for the independence and political, social and cultural democratization of the nation.

In accordance with article 1 of the LV, housing is a priority area for national development and the State will promote and organize the activities inherent to the matter, with the participation of the social and private sectors, in accordance with the applicable provisions. In terms of this Law, national housing policy and programs, as well as the set of instruments and support, will guide the development and promotion of the activities of the dependencies and entities of the APF in housing matters, their coordination with the governments of the federative entities and municipalities, and the concertation with the social and private sectors, in order to lay the foundations to aspire to a more equitable national development, which integrates the most developed population centers with the productive development centers, also considering those of lesser development, to correct regional disparities and social inequities derived from the disordered growth of urban areas.

Articles 2° and 4° of the Planning Law provide that planning must be carried out as a means for the effective performance of the State's responsibility for the equitable, inclusive, integral, sustainable and sustainable development of the country, with an intercultural and gender perspective, and must tend to the achievement of the political, social, cultural, environmental and economic ends and objectives contained in the CPEUM.

Regarding this and in accordance with what is stated by articles 17, fraction II, 22 and 24 of the Planning Law; the parastatal entities of the APF, must elaborate their institutional programs, in the terms provided by said Law, the LFEP, and in accordance with the provisions that regulate their organization and functioning, attending to the provisions contained in the corresponding sectoral program, observing in what is pertinent the respective environmental, economic, social and cultural variables.

The LFEP, in its article 47, provides for the obligation incumbent upon them, to subject their operation to the Planning Law, the NDP, the sectoral programs derived from it and to the authorized spending and financing allocations; and within these guidelines, the entities will formulate their institutional programs in the short, medium and long term. In accordance with what is stated by articles 48 and 49 of said Law, the Institutional Program constitutes the assumption of commitments in terms of goals and results that the respective parastatal entity must reach and will be drafted in accordance with article 22 of the Planning Law.

In the case of development banking institutions, article 31, Second paragraph, of the LIC provides that the programs of development banking institutions must be formulated in accordance with the guidelines and objectives of the NDP, the PRONAFIDE and the other sectoral programs of the NDP.

The SHF Institutional Program 2025-2030, is strategically aligned with the PRONAFIDE 2025-2030, considers actions provided for in the PSEDATU 2025-2030, the PRONAVI 2025-2030, and the PNI 2025-2030 and legal provisions derived from the LIC, the Organic Law of SHF, the LFEP and other applicable legislation.

5. Diagnosis of the current situation and long-term vision

Introduction

On October 11, 2001, the Decree by which the Organic Law of the Federal Mortgage Society is issued, regulatory of the fifth paragraph of article 4 of the CPEUM, was published in the Official Journal of the Federation, in which it is established that it will be a substitute fiduciary of the Banking Operation and Financing Fund for Housing (FOVI), and in which it is stated that the aforementioned Society has the purpose of promoting the development of the primary and secondary housing credit markets, through the granting of guarantees destined to: the construction, acquisition and improvement of housing, preferably of social interest; as well as to the increase in productive capacity and technological development, related to housing.

In order to strengthen its activities and comply with its purpose, SHF has innovated by incorporating financial instruments that allow it to strengthen its activities. Such is the case of the Housing Credit Insurance for which, on February 24, 2009 SCV-SHF obtained a favorable opinion to start its damage insurance operations, in the housing credit branch by the CNSF, on January 5, 2009, was published in the Official Journal of the Federation, the official document through which authorization was granted to SCV-SHF, to organize and function as a National Insurance Institution specialized in the practice of damage operations in housing credit, being regulated in its operation by the General Law of Insurance and Mutual Societies (currently the Insurance and Surety Institutions Law), as well as by the provisions issued by the CNSF.

In this way, SHF is constituted as an institution integrated internally by three entities that carry out complementary activities for the fulfillment of its purpose (SHF, FOVI, SCV-SHF).

Since its creation in 2001, SHF has actively participated in the development of social housing in Mexico, being a key actor in periods of expansion, and in periods of market contraction, with contributions such as the following:

o

It has created the foundations for the development and strengthening of the primary mortgage market.

o

It has promoted the development of the secondary mortgage market in the securities markets.

o

It has been an active and relevant institution in the granting of bridge credits for developers and the granting of guarantees for syndicated credits and housing credit insurance in conjunction with banking.

o

It has been the main promoter of sustainable housing, a pioneer in housing certification and in mitigating the CO2 impacts it produces.

• As defined in the Organic Law of SHF, SHF's credit and guarantee programs promote the adequate conditions for Mexican families, in urban or rural areas, to have access to mortgage credit and acquire adequate housing, as well as to remodel, expand or improve the current one, considering new urban, social and technological trends, through financial intermediaries and housing developers.

According to the same Law, the potential clients of SHF are Regulated and Unregulated Financial Entities, such as: Multiple Banking Institutions, Development Banking Institutions, SOFOLES, SOFOMES, Financial Leasing Companies, Financial Factoring Companies, Credit Unions, COOPS, SOFIPOS, Users through Financial Intermediaries, etc.

The SHF Institutional Program 2025-2030, will focus on strengthening access to housing as a right of the various sectors of society, through financing schemes that allow them to have housing solutions, without losing its role as a promoter to incentivize the supply of housing in its different segments and with a gender perspective and financial inclusion.

Likewise, it will continue to promote through SHF credit schemes related to housing supply, whose elements of financial inclusion are adhered to in said schemes, in order to be accessible to the population.

Current situation

The housing sector is fundamental in economic contribution through a spillover in various industrial branches and job creation, which contribute to the growth and development of the country. The 2025-2030 housing policy, issued by SEDATU, through the National Housing Program (PRONAVI) not only considers these attributes inherent to the sector, which are of utmost importance, but also considers other social challenges; such as the reduction of housing backlog and the financial inclusion of less favored social segments, as well as the sustainable development of cities with territorial planning and legal certainty. In this sense, it is important to have a diagnosis regarding these elements that have a structural impact, allowing to glimpse sectoral and social gaps, as well as the axes of action in which SHF can contribute, mitigating these disparities through the promotion of housing supply, as well as with financing schemes under a social approach.

The development of the housing sector contributes to favoring the fulfillment of the right to housing for families in addition to an important contribution to the economy.

The world economy is marked by growing uncertainty, which will presumably continue in the near future. Although most countries had recovered or reached their pre-pandemic growth trends, the reconfiguration in international trade derived fundamentally from the change in US trade policy at the beginning of 2025, along with geopolitical problems and climate change, generate an uncertain landscape and of profound changes.

The new impetus to protectionist trade policies worldwide will result in a decrease in economic growth.

Regarding this, the International Monetary Fund estimates that the world economy will present a growth of 2.8% in 2025, a lower rate compared to that of 2024 (3.3%), with a slight improvement for 2026 reaching 3.0%.

For the case of the USA, the IMF estimates a more pronounced drop in the growth rate, as it would go from an increase of 2.8% in 2024 to 1.8% in 2025 and 1.7% in 2026 (1). In the near landscape, several modifications in tariff rates are still visualized with upcoming bilateral agreements, suspensions and tax reactivations, and the review of the T-MEC.

In this sense, high levels of uncertainty will be maintained, which if prolonged over time could affect the flow of investments.

These modifications will give a new impetus to the reconfiguration of international trade towards regional and plurilateral relational agreements. The relocation of industries will continue with a focus on local economic and political security. In particular, it is expected that this trend in Mexico will remain, so despite the uncertainty, the arrival of companies that insert themselves into the region's production chains will continue.

Changes in US internal policy will have repercussions for Mexico. Fiscal and commercial policy, with greater cuts to social spending and an increase in the deficit, may configure a scenario of lower growth for the country's main partner, pressuring the national economy.

Additionally, the tightening of migration policy will affect the dynamism of remittances, which will be aggravated by the recently approved tax on dollars sent from the USA. In this context, according to figures from BANXICO, in May 2025 remittances decreased 4.6% compared to the same month of the previous year, going from 5,618.1 million dollars to 5,360.1 million dollars. Likewise, an increase in the number of nationals who could be repatriated is foreseeable.

Worldwide inflation has been decreasing after the supply shocks derived from the pandemic and the war in Ukraine; however, it remains above the central banks' targets in most countries.

This relative improvement has allowed a decrease in short-term rates. Nevertheless, the increase in tariff rates, as well as potential increases in armed conflicts in the Middle East and Eastern Europe, could generate pressures on the prices of goods and energy. This would limit the capacity of countries to normalize or decrease their interest rates.

In this context, it is important to consider that, after a long period of low interest rates, after 2022 long-term rates grew rapidly and remain at a relatively high level (2). This impacts investments, mainly in emerging countries or highly indebted ones. The above, added to the fiscal policies implemented to face the pandemic and the increase in prices, causes the fiscal space available to countries to be reduced.

In the last 5 years, the debt service of countries has increased (3), limiting the available tools to boost economic growth and in some cases could generate pressures to make adjustments in public spending.

Regarding this, it is expected that public debt as a proportion of GDP will grow in countries of the European Union, mainly driven by the increase in military spending; in China, derived from fiscal support for investment and internal consumption; and in emerging countries (4).

For its part, in the USA the recently approved fiscal package will imply a significant growth of the fiscal deficit.

In this context, it is expected that some of the largest economies will present less dynamism in 2025. According to the IMF, China would go from a growth of 5.0% in 2024 to 4.0% in 2025, Brazil from 3.4% to 2.0%, Russia from 4.1% to 1.5%, France from 1.1% to 0.6%, and Canada from 1.5% to 1.4%. On the other hand, while in China and several East Asian countries (Indonesia, Malaysia, Philippines, Singapore and Thailand) industrial production has continued to grow; in Japan and the largest countries of the European Union it has remained stagnant (5).

Changes in world trade present great challenges for growth models based on exports, or at least in the way they had developed in recent decades. In this scenario, the growth of internal consumption of countries will take on greater relevance as a driver of development, along with the reorganization of production chains with a regional vision.

At the national level, aspects derived from the international context have generated a reduction in growth expectations that have been moderated, BANXICO adjusted to 0.1%, the expectation for 2025. During the first quarter of 2025 GDP increased 0.7% compared to the same period of the previous year, while in the construction sector a decrease of -0.2% was presented.

Graph 1. Evolution of GDP 2018-2024 at constant prices

(Annual percentage variation)

Source: Prepared by SHF with information from INEGI

For the above, it is pertinent to highlight the relevance of the housing scope in the economic growth of the country. According to data from the Housing Satellite Account 2023 (INEGI), the GDP of the housing sector represented 5.1% of the national total.

Table 1. Participation of the construction sector in national GDP

Year

2018

2019

2020

2021

2022

2023

2024

Construction

6.0%

5.8%

5.2%

5.4%

5.4%

6.0%

6.1%

Building

4.4%

4.3%

3.8%

4.0%

3.9%

4.1%

4.3%

Housing

5.4%

5.5%

5.3%

5.3%

5.1%

5.1%

ND

Source: Prepared by SHF with information from INEGI.

Although this performance is crucial to accelerate economic dynamics, it is conditioned by multiple factors that, in a stable environment, enable a balanced development of supply and demand in the housing sector.

a) Housing acquisition

In 2018, 41.5% of the housing associated with a guaranteed mortgage credit was economic-popular, while this percentage in 2024 was located at 18.4%. That is, the participation of economic-popular housing has fallen by more than 20 percentage points in the last 6 years. Meanwhile, medium and residential housing have gained ground, going from 20.8% and 11.3% in 2018 to 27.5% and 18.8% respectively.

Chart 2. Housing by class at the national level

Note: Economic-popular class: value less than 200 UMAS; traditional class: between 200 and 350 UMAS; middle class: between 350 and 750 UMAS; and residential-residential plus class: more than 750 UMAS.

Source: Prepared by SHF with its own information

Another element to highlight is the behavior of interest rates, which, given the volatile behavior of international indicators, has maintained a long-term increase since the beginning of 2022, with average rates in the first quarter of 2025 of 11.65%.

Chart 3. SHF Housing Price Index, Real GDP, Inflation and Interest Rate

Source: Prepared by SHF with its own information.

Likewise, according to the National Producer Price Index (INPP) for construction materials, machinery rental, and remuneration, prices of construction materials, as well as machinery and labor, have increased. This has a circular effect on final housing prices, and thus lower affordability for potential borrowers.

Chart 4. National Producer Price Index (INPP) for materials, machinery rental and remuneration of construction

(Annual % Variation)

Source: Prepared by SHF with information from INEGI.

As a result of this environment, the generation of new housing has slowed down, as observed through the Unique Housing Registry (RUV), while 262,977 housing units were registered in 2018, in 2024 the registry reached 178,599 housing units, that is, a reduction of 84,378 housing units, which implies a decrease of 32.1%.

Chart 5. Registered housing.

Source: Prepared by SHF with information from the RUV.

Just for 2025, from January to June, 91,581 housing units were registered, which represents 51.3% of the total housing units registered in 2024. In the comparison of January-June 2024 versus 2025, a decrease of 3.9% in the registration was observed.

Of the total new housing registered by the RUV in 2024, 31.53% was of economic-popular class (value less than 200 UMAS (6)), 41.73% traditional class housing (between 200 and 350 UMAS), 23.17% middle class (between 350 and 750 UMAS) and 3.56% residential-residential plus class (more than 750 UMAS).

Chart 6. Percentage of registered housing by class in 2024 at the national level.

Note: Due to rounding issues, the sum does not equal 100%

Source: Prepared by SHF with RUV information

For the 2020-2024 period, Nuevo León, Jalisco and the State of Mexico are the federal entities with the largest amount of new registered housing each year; while Campeche and Tabasco are the federal entities that traditionally have less registered housing, this phenomenon is replicated when we consider financial inclusion.

b) Housing demand

Housing demand is based on the population's income level, the cost of housing and access to financing.

These variables have shown the following behavior:

i) Employment

During the first half of 2025, 87,287 jobs were generated, reaching a figure of 22,325,666. Compared to the same semester of the previous year, employment grew 0.03%.

Although salary levels and formal employment have increased in recent years, in recent months a slowdown in the employment level has begun to be observed due to the cautious behavior of investors; however, these elements maintain their upward trajectory.

Chart 7. Evolution of permanent employment.

Source: Prepared by SHF with information from the Secretariat of Labor and Social Welfare.

ii) Estimated housing demand

The estimated housing demand for 2025 contemplates 809,199 financings, which will be distributed as follows:

·

Acquisition of new housing: will concentrate 242,679 housing actions and 30% of the estimated market for 2025.

·

Acquisition of existing housing: it is estimated to reach 221,042 housing units throughout 2025 (27.3% of total demand).

·

Improvements: the estimated demand for improvements is 345,478 credits (42.7% of the market).

The estimated housing by federal entity is as follows:

·

The federal entities where more credits for the acquisition of new housing will be demanded are: Nuevo León (32,104), Jalisco (22,903), State of Mexico (16,932), Quintana Roo (15,149) and Guanajuato (12,928). These four federal entities concentrate 41% of the total estimated demand for these credits.

·

The State of Mexico will be the federal entity that will require the largest number of existing housing acquisition actions (19,677), followed by Jalisco (19,018), Nuevo León (18,520) and Chihuahua (15,777). These federal entities concentrate 72,922 actions of the estimated 221 thousand.

·

Regarding improvement credits, it is estimated that 45,588 will be demanded in the State of Mexico, followed by Jalisco with 27,938, Nuevo León with 25,332 and Chihuahua with 17,580. These federal entities concentrate almost 34% of the estimated demand for these credits.

iii) Housing prices

The average appraisal value of residential properties in the country went from 987,217 pesos in 2018 to 1,736,352 pesos in 2024, which represents an increase of 76% in six years.

Chart 8. Average appraisal value of residential properties in the country 2018 - 2024.

(Current pesos)

Source: Prepared by SHF with its own information.

c) Extended housing backlog

Housing Backlog is composed of housing in overcrowding (more than 2.5 people per room in the housing), housing built with precarious materials (indicated in Table 2) and, finally, housing without a toilet. Housing with one or more of these deficiencies makes up the Extended Housing Backlog (RHA).

Table 2. Materials considered as precarious for the calculation of RHA

Type of backlog

Characteristics considered

In walls

Waste material, cardboard sheet, cane, bamboo, palm, adobe, wattle and daub, metal or asbestos sheet, and wood.

In roofs

Waste material, cardboard sheet, palm, straw, metal or asbestos sheet, wood or tejamanil and tile.

In floors

Dirt

Source: Prepared by SHF with information from CONAVI

In the country, 22 out of every 100 housing units are in a condition of housing backlog (7). Comparing 2022 and 2024, housing units in a condition of housing backlog decreased 6.6%. In 2024, an increase in the housing stock was recorded (3.8%), so the participation of housing in backlog with respect to the total housing stock decreased 2.4% (from 24.3% to 21.9%).

Chart 9. Historical Extended Housing Backlog, 2008-2024.

(Millions of housing units and percentage)

Source: Prepared by SHF with information from INEGI

In absolute terms, 595,864 housing units left their condition of backlog. If we compare 2022 with 2024, they went from 8.98 to 8.38 million housing units in this situation. In relative terms -with respect to the total housing units-, the RHA shows a downward trend, this considering the variation between 2008 and 2022, which was -10.9 percentage points.

According to the ENIGH 2024, of the 8.38 million housing units in a condition of backlog, 6.21 million had one deficiency, 1.52 million had two, 508 thousand had three, 123,870 had four and 17,518 had all five possible types of deficiencies.

Table 3. Housing according to the quantity of backlogs present. 2018 - 2024.

Year

Quantity of backlogs

Total

1

2

3

4

5

2018

6,553,786

2,024,942

643,222

167,891

20,004

9,409,845

2020

6,424,941

1,794,636

508,340

127,849

11,457

8,867,223

2022

6,535,363

1,718,862

548,752

155,892

18,540

8,977,409

2024

6,208,790

1,523,330

508,037

123,870

17,518

8,381,545

Source: Prepared by SHF with information from INEGI

The most predominant type of backlog at the national level is the presence of precarious roofs, with 7,397,797 housing units affected; these can be addressed with an improvement credit.

Chart 10. Deficiencies in housing, 2024*

• The quantity of housing reflected is greater than 8,381,545 because a housing unit can have more than one backlog.

Source: Prepared by SHF with information from INEGI

The national housing backlog is concentrated mainly in Veracruz (13%), Chiapas (12.1%), Oaxaca (7.3%), State of Mexico (6.4%) and Guerrero (5.8%).

Characteristics of housing backlog in Mexico:

·

The total RHA totaled 8,381,545 housing units in 2024, which represents 21.9% of the total inhabited housing in the country (38.36 million in 2024).

·

Since a housing unit can present more than one deficiency, and with the objective of facilitating the interpretation of the results, below, the quantity of housing units in housing backlog is broken down according to their prioritized deficiencies (8). At the national level, 1,100,860 housing units were identified in a condition of overcrowding. Excluding these, 7,187,679 housing units presented deficiencies in construction materials. Finally, 93,006 housing units registered only the deficiency of toilet, without presenting overcrowding or precarious materials.

Table 4. Housing in backlog according to income, 2020 - 2024

(Number and percentage)

Concept

2022*

2024**

Percentage variation

Housing

Percentage

Housing

Percentage

Less than 2 SM

5,086,744

56.7%

5,501,733

65.6%

8.2%

From 2 to 4 SM

2,693,911

30.0%

2,186,737

26.1%

-18.8%

From 4 to 6 SM

738,953

8.2%

463,025

5.5%

-37.3%

From 6 to 8 SM

258,718

2.9%

144,809

1.7%

-44.0%

From 8 to 10 SM

86,703

1.0%

37,916

0.5%

-56.3%

More than 10 SM

112,380

1.3%

47,325

0.6%

-57.9%

RHA

8,977,409

100.0%

8,381,545

100.0%

-6.6%

• Minimum wages refer to the 2022 minimum wage.

** Minimum wages refer to the 2024 minimum wage.

Source: Prepared by SHF with information from INEGI.

Although this phenomenon occurs in all regions of the country, even in cities that present greater economic development and better income levels, special attention deserves those regions that have traditionally presented the highest levels of housing backlog.

At the state level, it is observed that the RHA is concentrated mainly in the entities located in the south-southeast zone of the country.

Chart 11. Concentration of RHA by federal entity 2024.

Source: Prepared by SHF with information from INEGI.

Chart 12. Increase or decrease of RHA by federal entity, 2022 - 2024*

(Percentage)

*Ordered in descending order according to the rise / fall of the RHA.

Source: Prepared by SHF with information from INEGI.

d) Housing financing

The number of actions granted by Commercial Banking, INFONAVIT and FOVISSSTE (according to the National System of Information and Housing Indicators) remained without significant changes between 2018 - 2021 (more than 32 thousand actions on average per month). In 2022 and 2023 the number of actions decreased to a little more than 30 thousand actions; while in 2024 the monthly average increased to 34,090.

Chart 13. Actions granted monthly (average) by year.

Source: Prepared by SHF with information from SNIIV

In the last seven years, the participation of government institutions in the granting of mortgage credits has decreased, going from having 84.2% of the market in 2018 to 77.4% in 2024.

Table 5. Participation in the granting of acquisition credits by institution and year.

Year

Commercial Banking

FOVISSSTE

INFONAVIT

Government Institutions

2018

15.8%

11.2%

73.0%

84.2%

2019

18.6%

11.9%

69.5%

81.4%

2020

19.2%

11.9%

69.0%

80.8%

2021

24.6%

11.5%

63.9%

75.4%

2022

29.0%

11.9%

59.1%

71.0%

2023

26.7%

8.9%

64.4%

73.3%

2024

22.6%

8.2%

69.2%

77.4%

Source: Prepared by SHF with information from SNIIV

Table 6. Housing financing 2023 - 2025 (amount)

(Thousands of millions of current pesos)

Agency

Acquisition

Improvements

2023

2024

2025*

2023

2024

2025*

ONAVIS

171.71

217.96

62.87

6.54

11.65

1.96

FOVISSSTE

28.98

32.16

8.59

0.01

0.01

0.00

INFONAVIT

142.73

185.80

54.28

5.58

10.54

1.88

SHF

0.95

1.09

0.09

Financial Entities

227.90

226.99

65.50

3.37

2.27

1.08

BANKING

227.48

226.57

65.28

3.37

2.27

1.08

BANJERCITO

0.43

0.42

0.22

Federal Subsidies

CONAVI

FONHAPO

Other agencies

0.04

0.02

0.03

0.02

ISSFAM

CFE

PEMEX

HABITAT MÉXICO

0.03

0.02

0.03

0.02

INVI

0.01

• Data to April.

Source: Prepared by SHF with information from SNIIV.

During the year 2024, the total financing in the housing sector was in the order of 444.95 billion pesos, corresponding 48.99% to Public Entities (ONAVIS) and 51.01% to private Financial Entities. This financing generated 409,347 housing actions, corresponding 77.37% to ONAVIS and 22.63% to Financial Entities.

Table 7. Housing actions 2023 - 2025 (actions)

(Number of housing units)

Agency

Acquisition

Improvements

2023

2024

2025*

2023

2024

2025*

ONAVIS

270,250

316,720

85,963

48,742

58,113

6,502

FOVISSSTE

32,930

33,555

8,165

18

33

4

INFONAVIT

237,320

283,165

77,798

9,607

16,235

2,702

SHF

39,117

41,845

3,796

Financial Entities

98,646

92,627

25,794

24,021

1,521

611

BANKING

98,328

92,355

25,668

24,021

1,521

611

BANJERCITO

318

272

126

Federal Subsidies

CONAVI

FONHAPO

Other agencies

5,550

70

353

388

ISSFAM

CFE

PEMEX

HABITAT MÉXICO

552

70

353

388

INVI

4,998

• Data to April.

Source: Prepared by SHF with information from SNIIV.

It is observed that the actions undertaken by government entities have demonstrated a significant impact on the generation of housing solutions for the population. In this sense, SHF plays a strategic role in coordination with public and private organisms, in order to strengthen the attention to the financing needs of low-income populations. Likewise, it ensures attention to private entities (such as financial agents and developers) that contribute to complementing a comprehensive housing offer for all social segments.

e) Housing production

According to the RUV, three specific moments can be distinguished in the construction process: the preparation phase, which is the time that passes between when the housing is registered and the verification of work progress begins; the construction phase, which is the time in which construction takes place; and the sales phase, which is the time elapsed between obtaining the habitability certificate and the origin of the housing.

During 2024, the real estate market showed an acceleration in its median construction times compared to those reported in 2022 and 2023.

Chart 14. Construction periods (days)

2018-2024

Prepared by SHF with RUV information

The distribution of existing housing (9) presented variations between 2018 and 2024. In 2018, economic-popular class housing represented 49.1% of the total, while in 2024 its participation decreased to 45.9%. In contrast, traditional and middle class housing increased their participation in the same period, with increases of 1.9% and 1.3% respectively.

Chart 15. Existing housing by class

2018-2024

Prepared by SHF with RUV information

Regarding developers, four categories were defined: The first groups those with a quantity between 10 and 200 housing units "small", the second between 201 and 600 "medium", the third between 601 and 2,600 "large", and finally in the last one are those with more than 2,600 existing housing units "very large".

Between 2018 and 2024, it was observed that the segment classified as "very large" showed a decrease of 2.8% in the number of developers and a growth of 0.9% in the number of housing units; while the "medium" segment increased 6.3% in the number of developers and 7.6% in the number of housing units.

Table 8. Quantity of housing produced according to developer group

Type of

developer

2018

2024

Developers

Housing

Developers

Existing Housing

No.

%

No.

%

No.

%

No.

%

Small

2,151

83.1%

104,861

18.4%

2,549

84.9%

118,670

19.9%

Medium

270

10.4%

89,645

15.7%

287

9.6%

96,438

16.2%

Large

133

5.1%

143,679

25.2%

130

4.3%

148,123

24.8%

Very large

36

1.4%

231,741

40.7%

35

1.2%

233,905

39.2%

Total

2,590

100.0%

569,926

100.0%

3,001

100.0%

597,136

100.0%

Prepared by SHF with RUV information

The bridge credit balance as of June 2025 was 143.36 billion pesos, showing an increase of 7.7% compared to the same month in 2024.

From June 2018 to June 2025, the bridge credit balance has grown by 56.59 billion pesos.

Chart 16. Bridge Credit Balance

(Thousands of millions of current pesos)

Prepared by SHF with information from CNBV

In recent years, SHF's participation in the bridge credit balance has gradually decreased. In 2018 it represented 26.5% of the total, while for the month of June 2025 its participation decreased to 11.4%.

Currently, commercial banking concentrates 88.6% of the total market, highlighting BBVA and Banregio as the institutions with the highest participation, with 21.2% and 18.4%, respectively.

Chart 17. Bridge Credit Balance, June 2025

(Participation)

Source: Prepared by SHF with information from CNBV.

f) Housing needs

·

The size of households shows a downward trend, going from 3.60 people per household in 2018 to 3.35 in 2024. The reduction in the average number of people per household, although limited, highlights the possible change in the type of housing that will be demanded in the present and near future.

·

From 2018 to 2024, the proportion of households of 3 people or less increased in the country. In 2018, 50.2% of households had 3 people or less, for 2024 these passed to represent 54.2%, reinforcing the previous conclusion about changes in housing type needs.

·

It is estimated that in 2040 the population will have exceeded 144 million people, which represents a growth of 9.2% compared to 2024. The continuous growth of the population will impact an increase in housing demand. (CONAPO 2024).

·

For 2040 it is estimated that the federal entities that will present the greatest population growth compared to 2024 will be: Baja California Sur with an increase of 28.0%, Quintana Roo with 25.6%, Querétaro with 24.2% and Nuevo León with 23.2%. On the other hand, Guerrero, Veracruz and Mexico City will present a decrease in population in this period, 3.7%, 4.6% and 6.5% respectively.

·

In 2024, 8.5% of the population was 65 years or older, it is estimated that by 2030 10.4% of the population will be in this range, and by 2040 it will represent 14.4%. The above shows a trend towards the aging of the population, so housing solutions must consider the needs derived from different life stages, attending to the new composition of households.

Table 9. Number of households and average members per household at the national level.

2018

2020

2022

2024

Households at the national level

34,400,515

35,749,659

37,560,123

38,830,230

Average members per household

3.60

3.55

3.43

3.35

Source: Prepared by SHF with information from INEGI.

g) Household payment capacity

In 2024, based on the results of the ENIGH 2024, 10% of the lowest income households (Decile I) recorded an average annual income of 50,913 pesos, equivalent to 0.56 SMA. In contrast, 10% of the highest income households (Decile X) reached an average annual income of 854,405 pesos, that is 9.41SMA.

Table 10. Household payment capacity

Average annual income per decile in households during 2024

(Pesos and annual minimum wages)

Decile

Average Income

SMA

I

50,913

0.56

II

93,755

1.03

III

125,083

1.38

IV

155,887

1.72

V

188,678

2.08

VI

226,698

2.50

VII

274,286

3.02

VIII

339,817

3.74

IX

442,307

4.87

X

854,405

9.41

Source: Prepared by SHF with information from INEGI.

Considering the average income per decile, and that households allocate about 30% of their income to acquire a housing (mortgage payments), it is found that, in the first three deciles, only 0.1% of market housing is accessible.

In summary:

·

27.5% of households in Mexico did not have their own housing in 2024. Of these, 83.3% cannot acquire a housing of 660,106 pesos or more (10).

·

44.6% of housing in backlog is located in Veracruz (13%), Chiapas (12.1%), Oaxaca (7.3%), Mexico (6.4%) and Guerrero (5.8%).

·

Gross Fixed Investment decreased 7.1% in May 2025 in the annual comparison. Since May 2024 its growth slowed and in September of the same year investment fell.

·

Prices of construction materials, machinery rental and remuneration grew 4.5% in the second quarter of 2025. In the second quarter of 2025 the price of housing increased 8.7%. In the last 6 years (2019 - 2024) the average annual growth has been 8.5%.

·

Housing policy has privileged the reduction of housing backlog which in 2022 was 8.98 million housing units and today is 8.38 million housing units (2024) (ENIGH 2024), which means a reduction of 6.6% and represents 21.9% of the total housing in Mexico.

·

Since 2018, excepting 2021, there was a downward trend in housing registration, in 2023, this trend was broken. The new housing registration of the RUV from January to June 2025 showed a decrease of 3.9% compared to the same period of 2024. During the first six months of 2025, 91,581 housing units have been registered in the RUV.

After the events derived from the pandemic and geopolitical problems during 2022, the housing sector began to gain momentum again. However, a weakening in the sector is observed. The fall in gross fixed investment in May 2025 (7.1%) reflects less activity in construction, which has been occurring since mid-2024. This contraction is confirmed with the decrease in new housing registration (3.9%).

The reduction in the placement of new housing by INFONAVIT, especially in economic housing, has contributed to decreasing production, shifting the focus towards other classes of housing. Bridge credit, on the other hand, shows a healthy expansion with an annual growth of 7.7% reaching 143.36 billion pesos in June 2025.

On the other hand, the price of residential real estate at the national level presented a slowdown in its growth from the second quarter of 2023 to the first quarter of 2025. At the close of the second quarter of 2025, residential properties appreciated 8.7% in the annual comparison.

The housing sector faces a complex environment: a reduction in the investment and production of affordable housing, an increase in production costs, as well as in prices. Although there are notable advances in reducing the housing backlog and stability in employment, access to social housing represents a challenge for the current administration.

Table 11.- Public Problem

Public Problem

Description

Decrease in housing production.

Increase in land costs in consolidated areas and lack of subsidies to incentivize housing production.

Lack of financing for the housing sector.

Reduction in housing production for various population segments.

Increase in the cost of housing, which makes it out of reach for a large percentage of Mexicans.

Expensive inputs and labor for home construction, which impact the final price.

Lack of mortgage financing alternatives for the population.

There is no great variety of products that consider those people with non-conventional income levels (mixed economy, non-affiliated, etc.)

Therefore, it is of utmost importance that SHF (considering in an integral manner the entities that comprise it) acts by helping to address these problems, in two areas. The first consists of decisively supporting the strengthening of financing that will trigger a greater amount of housing production in its different modalities, which will allow expanding the multiplier effect of this activity. The second consists of diversifying financing channels for the different social groups of the population, so that they can have access to a mortgage loan.

SHF's contribution will focus on the following mechanisms:

·

Increase financing for housing production.

·

Promote direct and induced financing for the housing sector.

·

Generate additional financing products for home acquisition.

·

Promote, through various microfinance products, greater financial inclusion of the population.

·

Contribute to the generation of sustainable housing.

6. Objectives

The NDP 2025-2030 contemplates an approach that considers that the State has the responsibility to promote, respect, protect, and guarantee social rights, following the principles of universality, interdependence, indivisibility, and progressivity. The entire population must be able to satisfy their basic needs and have guaranteed access to education, health, adequate housing, and the financial system.

It is in that context that SHF considers in its Institutional Program 2025-2030 and in congruence with its organic law, the strengthening of access to the right to housing and the financial inclusion of all sectors of the population, by guaranteeing access to financing for the various agents linked to said sector.

Furthermore, it considers its alignment with the NDP 2025-2030 in General Axis 2: Development with well-being and humanism, Republic with access to housing (11), in Objective 2.9 "Guarantee the right to adequate and sustainable housing that improves the quality of life of the Mexican population, contributing to close gaps in social and territorial inequality."

Likewise, it is linked to Strategy 2.9.2: "Promote financing in the housing sector through mechanisms and programs that facilitate the acquisition, self-production, and improvement of homes with the objective of reducing the housing backlog."

This Institutional Program aligns with PRONAFIDE 2025-2030 to Objective 6. "Promote the development of a more inclusive, resilient, and sustainable financial system, strengthening its stability, competition, and legal framework, to expand equitable access to financial services, reduce structural gaps, and improve the financial health of the population," and to Strategy 6.5 "Strengthen financial inclusion with products, services, financing, education, and training, supported by the use of financial technology, contributing to the dispersion of support from social programs, as well as in the development and construction of homes to improve the well-being of the sectors of attention and facilitate their incorporation into the formal financial market."

As well as to Action Lines 6.5.7. "Contribute with financing in the development and construction of one million homes in support of popular housing programs" and 6.5.8. "Promote through financing greater financial inclusion in the target population, for home acquisition, improvement, and self-production in the low-income population or those in conditions of housing backlog, promoting sustainable housing."

For this, SHF will work within the scope of its attributes, in coordination with public housing institutions, and through concerted actions with the social and private sectors, in order to contribute to the reduction of the housing backlog and to increase financial inclusion.

The strategic objectives set forth in the following document are aligned with the guidelines established in the objectives of the NDP 2025-2030, as well as with PRONAFIDE 2025-2030, PNV 2025-2030, and cross-cutting programs.

Objectives of the SHF Institutional Program 2025-2030

1.- Contribute to the reduction of the Housing Backlog through the financing of housing actions (12) through financial entities directed to various segments of the population.

2.- Promote direct and induced financing for the housing sector through financial entities in order to strengthen its productive capacity.

3.- Contribute to the development of sustainable housing in order to reduce the environmental footprint generated by home construction.

6.1 Relevance of Objective 1: Contribute to the reduction of the Housing Backlog through the financing of housing actions through financial entities directed to various segments of the population.

In 2024, 27.5% of households in Mexico did not have their own home and of these, 83.3% cannot acquire a home for 660,106 pesos or more. Likewise, 21.9% of homes in Mexico (8.38 million) are in conditions of housing backlog.

Considering that, within the 100 presidential commitments, the VI Republic refers to access to housing, and General Axis 2 "Development with well-being and humanism" of the NDP 2025-2030, establishes as a right access to decent housing, SHF's Objective 1 "Increase financing for housing solutions" aligns with Strategy 2.9.2 of the NDP 2025-2030 "Promote financing in the housing sector through mechanisms and programs that facilitate the acquisition, self-production, and improvement of homes, with the objective of reducing the housing backlog."

One of the most appreciated aspirations of families is the acquisition of a decent home, so SHF will seek to strengthen financing actions that allow generating housing solutions for the population. On the one hand, SHF will increase financing for housing production and, on the other hand, will generate financing products, both for acquisition and for home improvement. To achieve this, it will concentrate its efforts on various social sectors, with special emphasis on regions where a greater housing backlog and a low level of financial inclusion occur.

It should also be mentioned that the current administration has designed the National Housing Program for Well-being, which coordinates the home construction and rental actions that will be carried out by INFONAVIT, FOVISSSTE, and CONAVI, under the coordination of SEDATU, and with whom SHF will participate within the scope of its attributes.

All the actions mentioned will help mitigate the housing backlog and generate greater financial inclusion of the various sectors of the population.

6.2 Relevance of Objective 2: Promote direct and induced financing for the housing sector through financial entities in order to strengthen its productive capacity.

The appetite for bridge credit financing from commercial banks has increased, capturing 88.1% of the market, so SHF has gradually decreased its participation to 11.9%.

The mandate that gave rise to SHF, considering the entities that comprise it (FOVI and SCV-SHF), has as its central objective the promotion of the development of the housing sector through direct and induced financing, which will allow generating a multiplier effect in various economic sectors, reduce inequality gaps, and favor the effective access of the population to the fundamental right of adequate housing.

SHF will continue to grant bridge credits to developers through financial entities, in order to give continuity to the housing production process. For this, it is crucial to guarantee the necessary liquidity for its operation, as well as to provide financial instruments that contribute to mitigating risk levels and to foster the activity of the various agents that participate in the sector.

The creation of conditions will be encouraged so that SHF's credit schemes related to housing supply are accessible to the population. A primary task of SHF will be to strengthen the presence of solid and efficient financial intermediaries to disperse credit and achieve greater financial inclusion, robust its operation and collection through guarantees that allow reducing risk and incentivizing the supply of credit alternatives.

Hence the importance of maintaining financing for developers who serve the various segments of the sector, as this allows strengthening the economic spill-over generated by the multiplier effect of activities linked to the housing sector.

6.3 Relevance of Objective 3: Contribute to the development of sustainable housing in order to reduce the environmental footprint generated by home construction.

The Government of Mexico, through the NDP 2025-2030, establishes Sustainable Development as the axis of its Social Policy, by recognizing it as a key factor to guarantee the well-being of the population. In this sense, SHF, being a Development Bank for the housing sector, will continue to promote a sustainable vision in the medium and long term, generating financing alternatives that promote the generation of sustainable and affordable housing.

Since 2013, SHF has highlighted its commitment to the environment through the operation of the sustainable housing portfolio driven by the EcoCasa Program, which has generated a market of sustainable homes with lower CO2 emissions for low-income families.

Likewise, it has aligned its strategies with national and international treaties and agreements, among which the following stand out:

·

The ABM Sustainability Protocol: Financial Institutions agree on a management framework and guidelines on sustainability, with the objective of institutionalizing the banking sector's commitment to the Sustainable Development of Mexico.

·

The 2030 Agenda for Sustainable Development: It is an action plan in favor of people, the planet, and prosperity, which also intends to strengthen universal peace and access to justice.

·

The UN Habitat New Urban Agenda: Establishes an action plan to achieve sustainable urban development with elements of inclusivity, resilience, prosperity, and environmental sustainability.

·

The Paris Agreement: Seeks to lower the planet's temperature and reduce GHG emissions by 2030.

Particularly, for the residential sector.

·

The Ecuador Principles: Establish criteria with which the financial sector analyzes the viability of a project and its impact on the environment.

·

Mexico's Sustainable Taxonomy: A classification system that identifies and labels economic and financial activities that contribute to sustainable development and the achievement of environmental and social objectives.

In this sense, SHF has actively joined these efforts, adopting an integral approach that seeks to reduce the environmental and social impact of home construction, which is reflected in the operation of its Sustainable Housing Portfolio with the EcoCasa, NAMA, and LAIF programs.

From December 2018 to December 2024:

·

23,613 homes have been certified with sustainability criteria.

·

Contribution has been made to the reduction of Greenhouse Gases, mitigating a total of 841,663.12 tons of CO2e.

·

6.59% of the total number of credits granted by SHF in that period were for sustainable housing.

·

10.68% of the amount of credits granted by SHF in that period was destined for sustainable housing.

·

More than 94 thousand people have benefited in 22 States of the Republic.

·

8,473 billion pesos have been granted, benefiting 33 housing developers

Source: Prepared by SHF with its own information

6.4 Linkage of the objectives of the National Development Financing Program 2025-2030

The objectives of SHF's Institutional Program 2025-2030 are linked to PRONAFIDE 2025-2030 in Objective 6.

Promote the development of a more inclusive, resilient, and sustainable financial system, strengthening its stability, competition, and legal framework, to expand equitable access to financial services, reduce structural gaps, and improve the financial health of the population.

It is linked to Strategy 6.5 "Strengthen financial inclusion with products, services, financing, education, and training, supported by the use of financial technology, contributing to the dispersion of support from social programs, as well as in the development and construction of homes to improve the well-being of the sectors of attention and facilitate their incorporation into the formal financial market."

It is linked to action lines 6.5.7. "Contribute with financing in the development and construction of one million homes in support of popular housing programs" and 6.5.8. "Promote through financing greater financial inclusion in the target population, for home acquisition, improvement, and self-production in the low-income population or those in conditions of housing backlog, promoting sustainable housing."

Objectives of the SHF Institutional Program

2025-2030

Objective of PRONAFIDE 2025 - 2030

Strategies of PRONAFIDE 2025 - 2030

1.- Contribute to the reduction of the Housing Backlog through the financing of housing actions through financial entities directed to various segments of the population

6. Promote the development of a more inclusive, resilient, and sustainable financial system, strengthening its stability, competition, and legal framework, to expand equitable access to financial services, reduce structural gaps, and improve the financial health of the population.

6.5 Strengthen financial inclusion with products, services, financing, education, and training, supported by the use of financial technology, contributing to the dispersion of support from social programs, as well as in the development and construction of homes to improve the well-being of the sectors of attention and facilitate their incorporation into the formal financial market.

2.- Promote direct and induced financing for the housing sector through financial entities in order to strengthen its productive capacity

6. Promote the development of a more inclusive, resilient, and sustainable financial system, strengthening its stability, competition, and legal framework, to expand equitable access to financial services, reduce structural gaps, and improve the financial health of the population

6.6 Promote financing in the business, agricultural, rural, forestry, fishing, and infrastructure sectors, with the purpose of achieving greater financial inclusion of its target population, taking into account indigenous and Afro-Mexican peoples.

3.- Contribute to the development of sustainable housing in order to reduce the emission of Greenhouse Gases generated by home construction

6. Promote the development of a more inclusive, resilient, and sustainable financial system, strengthening its stability, competition, and legal framework, to expand equitable access to financial services, reduce structural gaps, and improve the financial health of the population

6.6 Promote financing in the business, agricultural, rural, forestry, fishing, and infrastructure sectors, with the purpose of achieving greater financial inclusion of its target population, taking into account indigenous and Afro-Mexican peoples.

7. Strategies and action lines

Derived from the new vision that guides SHF's work, the institution's role in generating housing supply will be strengthened, as well as support for initiatives that foster demand. To achieve this, inter-institutional coordination will be intensified, in order to meet the goals of the current administration in terms of urban development and housing, and offer access to housing solutions for historically less favored sectors. In this framework, the following strategies and action lines are established:

Objective 1. Contribute to the reduction of the Housing Backlog through the financing of housing actions through financial entities directed to various segments of the population.

Strategy 1.1 Improve access to financing for the well-being of the population

Action Line

1.1.1 Promote schemes that favor access to housing solutions through credit schemes for the population, guarantees, and insurance.

1.1.2 Facilitate and diversify the entry of more and new financial intermediaries and developers in the housing sector that strengthen supply and demand.

1.1.3 Develop affordable financing schemes for the population

Objective 2. Promote direct and induced financing for the housing sector through financial entities in order to strengthen its productive capacity

Strategy 2.1 Increase productive capacity, both of financial intermediaries and developers, through housing financing

Action Line

2.1.1 Increase financing through financial instruments, credit modalities, and home credit insurance that favor home acquisition.

2.1.2 Facilitate guarantee and home credit insurance schemes that stimulate home construction through financial intermediaries.

2.1.3 Support access to housing issuance financial markets through guarantees.

2.1.4 Promote supply and demand of housing for various segments through direct and induced financing.

Objective 3. Contribute to the development of sustainable housing in order to reduce the emission of Greenhouse Gases generated by home construction

Strategy 3.1 Promote the construction of sustainable housing for the mitigation of Greenhouse Gas emissions.

Action Line

3.1.1 Support the development of housing actions through the certification of sustainable housing.

3.1.2 Support the reduction of CO emissions in sustainable housing projects.

8. Indicators and targets

SHF's Institutional Program 2025-2030 contemplates indicators and targets defined based on the fulfillment of the strategy traced by the present administration. These are grouped according to their sectoral alignment, as well as to the priority objectives established in this document, which reaffirms the institutional commitment to adopt as a base the great sectoral priorities oriented to promote the well-being of the population and the development of the country.

Objective

Indicator

1. Contribute to the reduction of the Housing Backlog through the financing of housing actions through financial entities directed to various segments of the population

1.1 Total of Housing Actions attended through Direct and Induced Credit

2. Promote direct and induced financing for the housing sector through financial entities in order to strengthen its productive capacity

2.1 Total of Direct and Induced Credit Granting

2.2 Balance of Direct and Induced Credit to the Private Sector

3. Contribute to the development of sustainable housing in order to reduce the emission of Greenhouse Gases generated by home construction

3.1 Number of Sustainable Housing Actions Financed by the EcoCasa Program

Indicator 1.1

INDICATOR ELEMENTS

Name

Total of Housing Actions attended through Direct and Induced Credit

Objective

Contribute to the reduction of the Housing Backlog through the financing of housing actions through financial entities directed to various segments of the population.

Definition or description

Measures the number of housing actions granted through direct and induced financing

Associated right

Right to housing

Level of disaggregation

National

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Availability of the information

February of the following year

Unit of measure

Number of Actions

Data collection period

January to December

Expected trend

Ascending

Responsible unit for reporting progress

Promotion Unit

Calculation method

Total of Housing Actions attended through Direct and Induced Credit = Total of housing actions with financing in year N

Observations

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Name

variable 1

Total of housing actions with financing in 2024

Variable value

1

89,980

Information source

variable 1

Information from reports issued by the Finance Unit

Substitution in calculation method

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

89,980

Total of housing actions in the year 2024 (includes Direct Credit and Induced Credit)

Year

2024

Target 2030

Note on the 2030 target

138,032

Considering the accumulated housing actions in the period from 2025 to 2030, a total target of 743,708 actions will be reached.

HISTORICAL SERIES OF THE INDICATOR

2019

2020

2021

2022

2023

2024

119,611

133,162

129,396

143,490

94,404

89,980

TARGETS

2025

2026

2027

2028

2029

2030

95,276

115,787

126,263

133,045

135,305

138,032

Indicator 2.1

INDICATOR ELEMENTS

Name

Total of Direct and Induced Credit Granting

Objective

Promote direct and induced financing for the housing sector through financial entities in order to strengthen its productive capacity

Definition or description

Measures the total amount of financing to the housing sector

Associated right

Right to housing

Level of disaggregation

National

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Availability of the information

February of the following year

Unit of measure

Millions of pesos

Data collection period

January to December

Expected trend

Ascending

Unit responsible for reporting progress

Finance Unit

Calculation method

Total of Direct and Induced Credit Granting = Total amount of financing of year N

Observations

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Name

variable 1

Total amount of financing of the year

2024

Value

variable 1

71,921

Source of information

variable 1

Information from reports issued by the Finance Unit

Substitution in calculation method

Total of Direct and Induced Credit Granting = 71,921

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

71,921

Year

2024

Target 2030

Note on target 2030

79,645

Considering the accumulated financing in the period 2025 to 2030, a total target of 429,120 million pesos will be reached.

HISTORICAL SERIES OF THE INDICATOR

2018

2019

2020

2021

2022

2023

2024

96,828

50,890

58,629

52,109

97,509

78,680

71,921

TARGETS

2025

2026

2027

2028

2029

2030

54,974

66,809

72,854

76,767

78,071

79,645

Indicator 2.2

INDICATOR ELEMENTS

Name

Outstanding Balance of Direct and Induced Credit to the Private Sector

Objective

Promote direct and induced financing for the housing sector through financial entities in order to strengthen their productive capacity

Definition or description

Measures the Nominal Outstanding Balance of Direct and Induced Credit to the Private Sector

Associated right

Right to housing

Level of disaggregation

National

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Periodic

Availability of the information

February of the following year

Unit of measure

Millions of pesos

Data collection period

January to December

Expected trend

Descending

Unit responsible for reporting progress

Finance Unit/Promotion Unit

Calculation method

Outstanding Balance of Direct and Induced Credit to the Private Sector = Total amount of the Outstanding Balance of Direct and Induced Credit to the private sector observed in year N

Observations

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Name

variable 1

Total amount of the Outstanding Balance of Direct and Induced Credit to the Private Sector observed at close of 2024

Value

variable 1

280,728

Source of information

variable 1

Information from reports issued by the Finance Unit

Substitution in calculation method

Outstanding Balance of Direct and Induced Credit to the Private Sector = 280,728

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

280,728

Year

2024

Target 2030

Note on target 2030

211,879

The SHF portfolio balance has been decreasing as a consequence of the natural amortization of credits, mostly short-term, from the advance payments made by borrowers and additionally, from the cleanup of inherited portfolios.

HISTORICAL SERIES OF THE INDICATOR

2018

2019

2020

2021

2022

2023

2024

332,105

309,477

294,891

274,001

297,574

287,633

280,728

TARGETS

2025

2026

2027

2028

2029

2030

246,354

230,824

219,759

214,058

210,798

211,879

Indicator 3.1

INDICATOR ELEMENTS

Name

Number of sustainable housing actions financed by the EcoCasa Program

Objective

Contribute to the development of sustainable housing in order to reduce the emission of Greenhouse Gases generated by housing construction

Definition or description

Measures the number of sustainable housing actions financed by SHF.

Associated right

Right to housing

Level of disaggregation

National

Periodicity or frequency of measurement

Annual

Accumulated or periodic

Accumulated

Availability of the information

February of the following year

Unit of measure

Housing actions

Data collection period

January to December

Expected trend

Ascending

Unit responsible for reporting progress

Business Promotion Unit

Calculation method

Number of sustainable housing actions financed by the EcoCasa Program = Cumulative number of sustainable housing actions financed by the EcoCasa Program in year N

Observations

Only sustainable housing actions financed by the EcoCasa Program are considered.

APPLICATION OF THE CALCULATION METHOD FOR OBTAINING THE BASELINE

Name

variable 1

Cumulative number of sustainable housing actions financed by the EcoCasa Program at 2024

Value

variable 1

73,183

Source of information

variable 1

Institutional information systems.

Substitution in calculation method

Number of sustainable housing actions financed by the EcoCasa Program = 73,183

BASELINE VALUE AND TARGETS

Baseline

Note on the baseline

Value

73,183

The number of housing actions financed by the EcoCasa Program since its implementation in 2013 at the close of 2024 is considered.

Year

2024

Target 2030

Note on target 2030

83,503

This target considers the number of actions financed by the EcoCasa Program since its implementation in 2013 at the close of 2030.

HISTORICAL SERIES OF THE INDICATOR

2018

2019

2020

2021

2022 (13)

2023

2024

54,047

68,214

72,338

79,316

70,404

71,440

73,183

TARGETS

2025

2026

2027

2028

2029

2030

73,243

77,143

79,983

81,383

82,443

83,503

Mexico City, September 22, 2025.- General Director of the Federal Mortgage Society, National Credit Society, Development Banking Institution, and General Director of SHF Housing Credit Insurance, S.A. de C.V., Master Jorge Alberto Mendoza Sánchez .- Rubric.

1

World Economic Outlook, April 2025. International Monetary Fund.

2

Ibid.

3

Ibid.

4

Ibid.

5

Ibid.

6

Unit of Measure and Update https://www.inegi.org.mx/temas/uma/

7

A housing unit is in lag when it has precarious materials in roofs, walls or floors, overcrowding (more than 2.5 people per room) or does not have a toilet.

8

The order of prioritization is: overcrowding, precarious materials and no toilet.

9

Housing that is under construction or that have been completed and have not been sold.

10

Calculation based on average market conditions of 2024: Average interest rate of 11.5%, a down payment of 10% of the appraised value of the housing, a term of 20 years and a mortgage burden of 20%. The minimum value of a traditional class housing was used, which corresponds to 200 UMAS, which for 2024 were equivalent to 660,106 pesos.

11

The concept of Republic refers to the orderly manner in which the current Federal Administration presented the 100 presidential commitments, in the case of housing, it refers to the VI. Republic with access to housing that contemplates the commitments 48, 49 and 50.

12

A housing action considers a housing solution associated with a financing scheme (improvement, acquisition, SCV, guarantees, etc.)

13

The observed figures consider the financed housing and the housing at the counter; that is, those that obtained technical assistance to obtain sustainable housing certification and could or could not, conclude their process. From the year 2022, only housing that has already concluded its certification and association process is considered; this consideration is reflected from June 2022.

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