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IDB, HUD, sign agreement to cooperate to improve housing in Latin America and Caribbean

Inter-American Development Bank President Enrique V. Iglesias and U.S. Housing Secretary Mel Martinez signed a cooperation agreement today to promote programs that will improve low-income housing and housing markets in Latin America and the Caribbean.

The two parties agreed to consider undertaking joint activities in policy and strategy development, information exchange and research.

“Policies that strengthen housing construction and its relationships with the financial markets in Latin America and the Caribbean are critical for realizing the objective of sustainable economic growth with equity,” said IDB President Enrique V. Iglesias. “We look forward to a partnership with an institution that has developed a reservoir of expertise in promoting affordable housing.”

Secretary Martinez said the Department of Housing and Urban Development “is proud to partner with the IDB to work on improving housing and living conditions for the people of Latin America and the Caribbean. This partnership will combine HUD’s expertise in housing and urban development with the Bank’s ability to mobilize financing for development projects.”

Among the areas of possible joint action are steps to promote low-income housing, legal and regulatory frameworks for housing finance and financial market development and private-public partnerships for neighborhood revitalization.

Other areas of possible joint activity are reconciliation of socio-economic and environmental goals and fair housing and fair lending policies to reduce discrimination against the poor and minorities.

The IDB and HUD are presently collaborating on the joint publication of a guide on the fundamental principles of developing a national housing policy. The guide, expected to be published in the second half of the year, stresses the economic, financial and social importance of having a sound housing policy.

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