News
Clinton Bush Haiti Fund Provides Funding For Micro Mortgages In Haiti
RE RELEASE
April 7, 2011
Meg Galloway Pearce:
Phone: 202-572-4045
Email: meg.pearce@clintonbushhaitifund.org
Clinton Bush Haiti Fund Provides Funding for Micro Mortgages in Haiti
Fund Joins with OPIC and HRF on $47 Million Housing Finance Plan Enabling Home Ownership for More Haitians
WASHINGTON, DC – The Clinton Bush Haiti Fund has announced that it would provide $3 million in seed funding for a program that will make home mortgages available to ordinary Haitian citizens. The program will also make repair loans available to low income Haitians and to small businesses affected by the earthquake.
Mortgages are not widely available in Haiti, where more than a half a million people who lost their homes in the earthquake continue to live in tents and other temporary housing. Jointly financed by the Clinton Bush Haiti Fund, the Overseas Private Investment Corporation (OPIC), and the Haiti Reconstruction Fund (HRF), the $47 million program will make it possible for more Haitians to borrow the money needed to purchase a home and marks an important step towards achieving long-term, sustainable economic recovery in Haiti. The project is pending approval by OPIC's Board of Directors and will be managed by the Development Innovations Group (DIG), a worldwide leader in housing finance and urban development.
The program was approved in February by the Interim Haiti Recovery Commission (IHRC), which was created in the wake of Haiti's devastating 2010 earthquake and is responsible for reviewing and approving projects funded by bilateral and multilateral donors, NGOs, and the private sector. It is expected to receive final approval from the OPIC Board of Directors this June once implementation details are set. The Clinton Bush Haiti Fund's grant of $3 million was joined by $10 million from HRF and another $34 million in debt funding from OPIC. Together this $47 million program will ultimately provide Haitian banks, micro-finance institutions, and lenders with liquidity to make home loans, home repair loans, and micro-mortgage loans.
Officials with the Clinton Bush Haiti Fund say the program is modeled after similar efforts which have proved successful in other parts of the developing world and is consistent with its overall mission to help Haiti build an economically sustainable future.
"What Haiti needs today are smart investments that will create economic opportunities and lay the groundwork for long-term, sustainable growth," Clinton Bush Haiti Fund CEO Gary Edson said. "By providing funding for programs such as this, we're making it possible for more ordinary Haitians to own their own home as well as their own future success and prosperity."
About the Clinton Bush Haiti Fund
The Clinton Bush Haiti Fund is a 501(c)(3) nonprofit organization founded after Haiti's January 12, 2010 earthquake, when President Barack Obama asked former Presidents Bill Clinton and George W. Bush to lead a major fundraising effort to assist the Haitian people to "build back better." The Clinton Bush Haiti Fund initially responded to the catastrophe with millions in humanitarian relief. By the time the Fund was officially formed in May 2010, it transitioned to primarily serving its longer-term mission of sustainable reconstruction efforts designed to promote jobs and economic opportunity, empowering Haiti to chart its own successful future.
To make a donation to the Clinton Bush Haiti Fund, visit www.ClintonBushHaitiFund.org or text the word "QUAKE" to 20222 to donate $10. A one-time donation of $10 will be added to your mobile phone bill or deducted from your prepaid balance. Message and data rates apply. All charges are billed by and payable to your mobile service provider. Service is available through the following wireless operators: AT&T, Nextel, Sprint, T-Mobile USA, US Cellular, Cricket Communications, Cincinnati Bell, Cellular South and Verizon Wireless. Donations are collected for the benefit of the Clinton Bush Haiti Fund by the Mobile Giving Foundation and subject to the terms found at www.hmgf.org/t. You can unsubscribe at any time by replying STOP to short code 20222. Reply HELP to 20222 for help.
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