The Real Estate Investment Funds for Housing Leasing (FIIAH) were an innovative measure of a temporary nature, applicable only to funds constituted between January 1, 2009 and December 31, 2013, and to the properties acquired by them during the same period.
This mechanism was intended to support banks and households in a period when there was an increase in interest rates and bad loans, thus allowing the conversion of consumer credit these same properties (due to the change in their ownership by FIIAH), always accompanied by a purchase option on the property whose ownership was transmitted.
Are FIIAH still in force?
The law established the FIIAH with a provisional nature, and the special regime applicable to FIIAH only applies until December 31, 2020. On this date, FIIAH will become a Real Estate Investment Fund-FII, being subject, in full , to the Legal Regime of the FII and passing their income to be taxed according to the tax regime applicable to the FII.
Thus, consumers have until the end of 2020 to exercise the option of repurchasing the property by communicating, in writing, to the respective managing entity of the Fund at least 90 days in advance.
How do I repurchase the property?
The repurchase is made based on the value of the property sold to FIIAH, which can be updated based on the variation of the harmonized index of consumer prices (INE).
The consumer, lessee, who does not intend to exercise the call option must notify the management entity in writing of its intention not to exercise the right of option and is entitled to receive the amount corresponding to the difference between the value of the future sale of the property and the updated value.
A number of consumers have disposed of the property in favor of the Fund and have contacted DECO for clarification on this situation.