A Casa cooperative calls for Banco de Fomento credit lines

The collaborative housing cooperative ‘A Casa’ has called on the Portuguese Parliament to authorize the release of credit lines from the Banco Português de Fomento. During a parliamentary hearing on the development of collaborative and collective property cooperatives, Virgílio Rocha, president of ‘A Casa’, stated that the bank has the necessary frameworks prepared to support these cooperatives.

Rocha highlighted a specific financing gap for older members of cooperatives, noting that while their current project in Santo Isidro de Pegões has 50% self-financing, traditional banks often refuse loans to members aged 55 to 84 or limit terms to 20 years. He indicated that the Banco Português de Fomento has prepared credit lines capable of providing 30-year maturities for these circumstances, but they currently await authorization from the Ministry of Finance to be implemented.