A distinction which has lessons for the PTZ

Make a country of owners of the France: that was the objective that motivated the creation, in the summer 2007, a tax credit on the interests of borrowing for the purchase of a principal residence. Established by the Act, employment, purchasing power of August 21, 2007, it reached 40 of interest paid the first year, and 20 the next four years, within the limit of 7,500 euros for a couple and 500 additional euro per person dependent. But this repayment, which occurs the year following the purchase, has never been taken into account by banks in lending decisions. Instead of increasing the share of households among the owners, it has, it seems, constituted a windfall effect important (EUR 1 billion last year) for the 376.000 households there having recourse (see below).

"It must not be a measure for the power to purchase, but of a measure designed to promote the initiation of the Act of acquisition", had defended Gilles Carrez (UMP), rapporteur of the Budget, in the parliamentary debate this fall. It is to switch from the first to the second that he has worked for several weeks, in consultation with the Member Michel Piron (UMP), a reform of the device. They come to an agreement with the Ministry of housing for an application as early as next year, after a vote in law of finance 2011 at the latest. "The goal is to use public money in a fairer manner," emphasizes Michel Piron. Beyond the near-consensus, it remains to convince Nicolas Sarkozy that the reform is by a substantive challenge to act Tepa.

Resources condition step

The idea is to transform this tax credit in an instant payment at time of purchase. Rather than be deducted from the tax payable for five years, the State would be integrated directly to the personal contribution of the purchaser, increasing as much chances of getting a loan and its debt capacity. Device is in fact, inspired in large part, the loan rate zero proposed, since 2005, subject to resources. He can also accumulate in the latter. The State will apply on a slice of loan remaining to be defined (10,000 euros or 15 000 euros for example). The benefit will remain universal (not), to stay in the spirit of the 2007 Tepa law. But instead of being as a percentage of the interest paid, it will be fixed: it will therefore be mechanically more important for the small heritage for the great.

Will public support vary, however, with the area, to take account of the real estate market prices. Residents of area A (Paris, Antibes, Nice, etc.), the more tense, will have the highest aid, followed by those of the B zone (Vichy, Troyes, Marseille, etc.) and area C (Commons under 50,000 inhabitants, etc.). A distinction which has lessons for the PTZ. The offset of one year, which was until then on households, will be transferred to banks: they will have a tax credit. They will not be disadvantaged as long, because the state their will reimburse the interests of borrowing over a period more short (5 or 10 years) that would households.

The ministries of housing and the Budget are favourable to reform: the first because that it promotes accession to ownership, the second because it can participate in the will of the Government to reduce tax niches. In 2007, the Tepa measure had been budgeted at EUR 4.5 billion in cruise regime. The slowdown of the real estate market helped mitigate the invoice: it should not exceed $ 3 billion in 2013. Nevertheless: the Government hope to take advantage of the reform to contain spending to EUR 1.5 billion, or little more, the estimated cost for 2010. Cursors chosen by the Government (amount of the loan to zero rate, fee schedule areas, etc.), open economies will be more or less important.