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CO-L1107 : Comfama: Social Leasing for the Base of Pyramid in Antioquia

Project Status: Approved

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

Project Number
CO-L1107
Approval date
2013/05/29
Project Country
Colombia
Project Sector
URBAN DEVELOPMENT AND HOUSING
Project Subsector
URBAN DEVELOPMENT AND HOUSING-HOUSING
Project Type
Loan Operation
Project Status
Approved
Operation Number
2939/OC-CO-1

Financial Information

Project Number
CO-L1107
Project Status
Cancelled

IDB Financing

Financing type
Private Sector Loan
Fund
Ordinary Capital
Reporting currency
USD - United States Dollar
Reporting date
Jun/30/18

Roles & Responsibilities

Contract signature date
Jun/06/13
Operation Number
2939/OC-CO-2

Financial Information

Project Number
CO-L1107
Project Status
Cancelled

IDB Financing

Financing type
Private Sector Loan
Fund
Ordinary Capital
Reporting currency
USD - United States Dollar
Reporting date
Jun/30/18

Roles & Responsibilities

Project Information

Total Cost
USD 14,000,000
Country counterpart financing
USD 8,000,000
Fund
Ordinary Capital
Amount
6,000,000

Preparation

Title
Type
Project Number
Date Published
Environmental & Social Management Reports
CO-L1107
April 18, 2013
Project Abstract
CO-L1107
March 18, 2013
Environmental & Social Strategies
CO-L1107
March 18, 2013

Approved

Title
Type
Project Number
Date Published
Agreement - Financial Closing - SCF
2939/OC-CO;2939/OC-CO-1;2939/OC-CO-2;2939A/OC-CO;CO-L1107
May 29, 2013
Agreement - Financial Closing - SCF
2939/OC-CO;2939/OC-CO-1;2939/OC-CO-2;2939A/OC-CO;CO-L1107
May 29, 2013