Banpro will Finance Social Housing

What follows is a translation of an article which appeared in the August 08, 2014 edition of El Nuevo Diario. This new partnership will allow us to amplify our efforts with the Institute Accion Social Juan XXIII to address Nicaragua’s crippling housing crisis.

By Rafael Lara | National (Translated by John Mooney)

Edwin Novoa of the UCA and Julio Ramírez of Banpro. Photo: OSCAR SANCHEZ/END

The construction of at least 250 homes for poor families will result from the Alliance between Banpro, Grupo Promerica, and the John XXIII Institute for Social Action of the Universidad Centroamericana, UCA. This partnership is expected to build homes in Managua, Masaya, Carazo, and Granada.

Mr. Julio Ramírez, general vice-director of Banpro Credit, said that for both institutions housing is considered a fundamental right, and one of the major requirements for the development of safe and healthy living conditions for all Nicaraguans.

In this case, Banpro made funds available with which the Social Action Institute will build the houses. “The trust’s management will ensure the possible investment of five million dollars in the Department [State] of Managua, and with this structure, Banpro enhance the capacity of the project (of Instituto Juan XXIII) so that it can increase its annual production of houses from 50 to 250,” said Mr. Ramírez.

He indicated that benefited families may choose homes appropriate for their needs, built with quality materials, and built within a period sixty days. Edwin Novoa Martínez, director of the Institute for Social Action, said that the hope is to provide housing solutiona by means of integrated services, with funding by the Banpro and construction by the Institute.

Novoa pointed out “the innovative nature of this funding mechanism. We have jointly set up this real-estate-development trust, for which the Institute Juan XXII provides a guarantee fund , that will allow Banpro to provide the funding for the construction of housing for people with limited resources.”

He said that one of the requirements for beneficiaries is having their own land. This land will then be assessed for construction feasibility and legal ownership title.

Prices

Prices for houses range from US$ 10,790 for the Malachite model (420 square ft.), to US$16,600 for the Ruby model (506 square ft.), to US$ 19,950 for the Jasper model (624 square ft.) They are built of reinforced masonry and include two to three bedrooms, dining room, kitchen, bathroom and laundry area, electric, sanitary facilities, interior and exterior doors, windows, potable water, pantry, ceramic floor. Larger models have ceilings of aluminum and fiber-cement board.

$ 100 will be the monthly average mortgage payment for the Malachite housing model.

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