Brazil to launch new national housing program

Special Report:Global Financial Crisis

RIO DE JANEIRO, Feb. 4 (Chinese media) -- The Brazilian government will announce, in the next few days, a new national housing program which foresees the construction of 500,000 low-price houses, the local press reported on Wednesday.

The program will be financed by the state-owned bank Caixa Economica Federal, President Luiz Inacio Lula da Silva said on Tuesday in Rio. It is expected to offer job opportunities and help fight against the impact of the international financial crisis in the country.

Abandoned buildings owned by the federal government will also be converted into public housing units, Lula said.

The president said investing in poor communities was a priority of his administration.

"The rich do not have much need from the state, while the poor need the state's help most, which should not be neglected by people who govern them," Lula said.