Brazil's Silva plans 1M more homes for the poor
Brazil's president says he plans to provide funding for the construction of an additional 1 million homes that will be owned by the poor in Latin America's largest nation.
President Luiz Inacio Lula da Silva's program that helps the poor buy apartments initially envisioned construction of 1 million homes. But Silva told business executives Friday in El Salvador that he will expand it to eventually build twice that many.
The popular program - known as "My Life, My Home" - funnels loans from state banks to poor Brazilians who probably would never be able to own homes without the help.
The campaign was announced amid the global financial crisis and has also helped Brazil's important construction sector.