The Inter-American Development Bank (IDB) announced the approval of a US$37-million loan for housing construction and upgrades in marginal communities. The project seeks to turn slums into formal neighborhoods by introducing innovative solutions. According to an IDB press release, some 14,000 households would benefit directly during the first phase of the program, which will be carried out by the Instituto Nacional de la Vivienda (INVI), a governmental housing agency, together with state-owned mortgage bank Banco Nacional de Fomento de la Vivienda y la Produccion (BNV). The loan is for a 20-year term with a four-year grace period, at a variable interest rate. Local counterpart funds will total $4.2 million during the first stage of the program. The IDB may provide a $63-million loan for the subsequent phase.
For more details, see
http://www.iadb.org/