Economic Reactivation Plan 2022-2024

Administrative Measures regarding Urban Development Matters

On March 17, 2022, the Economic Reactivation Plan for Mexico City 2022-2024 (the “Reactivation Plan”) was published on the official website of the Urban Development and Housing Ministry of Mexico City (“SEDUVI”), which seeks to accelerate the economy of Mexico City in the wake of the COVID-19 pandemic, through the promotion of family economy, and the construction, housing and tourism sectors, by means of three main axes: (i) Support to the public, social and solidarity economy; (ii) New instruments to support construction, housing and economy in general; and (iii) Actions to relaunch the tourism and cultural sector.

Based on the foregoing, on March 22, 2022, administrative measures regarding urban development matters to promote Mexico City’s Economic Reactivation Plan 2022-2024 were published in the Official Gazette (Gaceta Oficial de la Ciudad de México), where 4 main points are addressed:

(i) Guidelines for the Conversion of Offices to Housing, which main objective is to grant tax benefits through the transformation or adaptation of an asset to a use other than that for which it was originally intended, for optimal utilization; (ii) Submission of Urban and Environmental Impact Studies through Ventanilla Única and digital procedure (Ventanilla Digital), as well as the creation of the Comisión de Impacto Único, in order to facilitate the evaluation and approval of such studies; (iii) Update of the Special Program for Urban Regeneration and Inclusive Housing 2019-2024, which aims to reverse and correct processes of renewal of old urban centers, the increase in land prices and the main violations of urban dispositions, seeking the generation of Inclusive Housing and thus improve Mexico City´s urban conditions; and finally (iv) Administrative Measures to the Housing Institute of Mexico City (INVI) in connection with the processing of a Notice of Construction that does not required a Construction Manifestation or a Special Construction License for real estate projects intended for low-income housing.