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Haiti - Economy : Affordable home mortgage 24/10/2012 09:27:02
The project marshals $17 million in loans from the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, a $6 million grant from the U.S. Agency for International Development (USAID), and $3 million from the Clinton Bush Haiti Fund, which launched the facility. Development Innovations Group (DIG), a U.S.-based housing finance and urban development firm, will manage the project. OPIC’s financing will create three new loan products targeting low-income borrowers: housing microfinance loans that start at $1,000; micro-mortgages that start at $5,000; and loans for the construction and repair of businesses that start at $3,000. They will be available through local Haitian finance organizations, including banks and microfinance institutions. OPIC Executive Vice President Mimi Alemayehou said, "Housing is the most basic unit of physical and financial infrastructure in any country – and is therefore critical to Haiti’s recovery. The fact that we can join with sister agency USAID and dedicated partners such as the Clinton Bush Haiti Fund and DIG to provide ordinary Haitians greater access to housing finance speaks to our mutual commitment to support Haiti’s economic growth." DIG President and CEO Franck Daphnis said, "This project will make it possible for more Haitians to borrow the money they need to purchase or repair their homes and as a result, significantly improve their quality of life. It marks a key step towards achieving long-term, sustainable economic recovery in Haiti." Clinton Bush Haiti Fund CEO Gary Edson said, "More accessible financing gives Haiti’s working poor the opportunity to own their own home and, in doing so, their own future. These borrowers are also bolstering the construction sector, hiring building teams and multiplying the positive impact the project has on Haiti’s economy." HL/ HaitiLibre
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