Resolution CMN No. 1254 - Housing Financial System - Granting of Financing for Acquisition of Properties with Sale Prices Exceeding the Limit Set in Item V of Resolution 1221

RESOLUTION NO. 001254

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on this date, having regard to the provisions of Article 7 of Decree-Law No. 2,291 of November 21, 1986,

RESOLVES:

I - To permit the granting of financing, within the scope of the Housing Financial System (SFH), for the acquisition of properties with sale prices exceeding the limit provided for in Item V of Resolution No. 1,221 of November 24, 1986, provided that, prior to the date of publication of that normative act, there has been:

a) a financing proposal formalized with the financial agent; or

b) a purchase and sale promise of housing units executed by construction entrepreneurs, linked to a loan carried out by SFH institutions, in which the buyers are assured the obtaining of financing for the respective portions of the acquisition cost.

II - The Central Bank may adopt the measures deemed necessary for the execution of this Resolution.

III - This Resolution enters into force on the date of its publication.

Brasilia-DF, January 28, 1987

Fernão Carlos Botelho Bracher
President