Comfama: Social Leasing for the Base of Pyramid in Antioquia

The Projects objective is to provide access to mortgage finance to increase ownership of low-income housing units as well as to expand financing for home improvement for the Base of the Pyramid population in the department of Antioquia, Colombia. This objective will be achieved through an innovative pilot Social Lease-to-Own¿ Program (Arrendamiento Social Program) sponsored by the Caja de Compensación Familiar de Antioquia (Comfama). Under this Program, Comfama¿s affiliates can lease new low-income housing units, become pre-qualified for a mortgage loan from a commercial lender to buy the home after successfully completing three years of timely monthly lease payments, and at the same time accumulate savings for the down payment on the home. The project further enables Comfama to expand its existing home improvement micro-loan program (¿Home Improvement Program).

Project Detail

Country

Colombia

Project Number

CO-L1107

Approval Date

May 29, 2013

Project Status

Cancelled

Project Type

Loan Operation

Sector

URBAN DEVELOPMENT AND HOUSING

Subsector

HOUSING

Lending Instrument

BID Invest

Lending Instrument Code

IIC

Modality

PSL (Private Sector Loan)

Facility Type

Environmental and Social Impact Category (ESIC)

Total Cost

USD 14,000,000.00

Country Counterpart Financing

USD 8,000,000.00

Original Amount Approved

USD 6,000,000.00

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Implementation Phase

https://www.iadb.org/document.cfm?id=EZSHARE-2061107401-966

Agreement - Financial Closing - SCF

Arrendamiento Social para la Base de la Pirámide en Antioquia [37704409].PDF

Jan. 21, 2015

Spanish

https://www.iadb.org/document.cfm?id=EZSHARE-2061107401-969

Agreement - Financial Closing - SCF

Social Leasing for the Base of Pyramid in Antioquia [37704423].PDF

Jan. 21, 2015

English