Programs: Development Innovations Group
Facts
Announced:
April 7, 2011
Category:
Promoting Job Growth & Economic Opportunity
Grant Amount: $3,000,000
Grant Objective:
Making mortgages accessible to all Haitians.
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Our $3 million grant will allow ordinary Haitians to receive loans to rebuild. (Photo: Concern Worldwide)
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Micro-mortgages and repair loans will allow Haitians to rebuild their destroyed homes and businesses.
The Clinton Bush Haiti Fund invested $3 million in the Haiti Housing Finance Facility, a program being run by the Development Innovations Group (DIG) that will make home mortgages accessible to ordinary Haitian citizens for the first time in the country's history.
The Haiti Housing Finance Facility program, financed in conjunction with the Overseas Private Investment Corporation (OPIC) (pending approval by OPIC Board of Directors) and the Haitian Reconstruction Fund (HRF), will provide Haitian banks, micro-finance institutions and lenders with $47 million in liquid assets to make more home loans, home repair loans and micro-mortgage loans. The program will be managed by the Development Innovations Group (DIG).
Why We Invested in the Development Innovations Group's Project
The Clinton Bush Haiti Fund's investment in the DIG Haiti Housing Finance Facility project will help Haitians gain access to mortgage loans, enabling them to move from their post-earthquake, temporary dwellings. Thus far, Haitian microfinance institutions have not had enough liquid capital to make many of these loans.
Transforming Lives and Livelihoods
- Offer partial guarantees to Haitian financial institutions offering mortgages to lower income families;
- Create jobs in the construction industry;
- Benefit thousands Haitian families seeking loans to rebuild their homes and businesses;
- Correct loan disparities for lower income Haitians facing new housing costs since the 2010 earthquake.
About the Development Innovation Group
The Development Innovations Group (DIG) is a private, international organization committed to fostering innovative, locally-driven development. DIG specializes in financial services for the poor, urban, water, and infrastructure services, fund management. DIG works in more than 20 countries in the developing world and strives to identify home-grown solutions to global development challenges. The staff at DIG is well-versed in defining and disseminating best housing and microfinance practices throughout the world.
