The Paraguayan government announced on 14 November 2016 it will launch the second phase of the "First Home" program, aimed at helping middle class families finance the purchase of their homes via the provision of loans at subsidized interest rates. The loans will be provided by the Agencia Financiera de Desarrollo (AFD), Paraguay's public bank. This second phase follows the successful pilot program launched in 2014, which supported 773 house purchases. The second phase will turn the program into a "fixed product" in AFD's portfolio, and it will include a financing of US$87 million aimed at financing approximately 2.500 homes (La Nación). Program beneficiaries will have to satisfy a number of criteria in order to access the loans; for example, having an income level that equals less than seven minimum salaries, or not being a home owner. Households with an income of up to four times the minimum salary will be eligible for up to US$43,000 with an interest rate of 7.5 percent; those with incomes amounting to between four and seven minimum salaries will be eligible for loans of up to US$69,000 with an interest rate of 9.5 percent (Última Hora).