Programs: Development Innovations Group
Announced:
April 7, 2011
Category:
Supporting Micro Finance Institutions & Micro Entrepreneurs
Fund Amount: $3,000,000
The Haiti Housing Finance Facility program will make home mortgages available to low-income families in Haiti. It will also make repair loans available to homeowners and small business owners affected by the earthquake. 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 $3 million first-mover investment in DIG's Haiti Housing Finance Facility project unlocked $17 million in loans from the Overseas Private Investment Corporation (OPIC) and was joined by a $6 million grant from USAID to make the $26 million project possible.
The project will help Haitians gain access to mortgage loans, enabling them to move from their post-earthquake, temporary dwellings. It is an important contribution to the finance sector in Hatii where mortgages are not widely available.
More than 4,000 Haitian homeowners and small business owners can expect to benefit from the project’s three new loan products, which are targeted toward lower-income borrowers. These products include 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.
Learn more about the project's developments at www.developinnovations.com
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 of Haitian families seeking loans to rebuild their homes and businesses.
- Correct loan disparities for lower-income Haitians facing new housing costs since the 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 30 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. Learn more about the Development Innovations Group at www.developinnovations.com.
