CO-L1107 : 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).