PRIMERO, LA VIVIENDA
Nicaragua is experiencing a devastating housing crisis. The shortage is over 1.2 million homes, and grows each year. This shortage is most devastating for the very poor. Families without homes have little hope of escaping extreme poverty, a serious concern in a country as impoverished and unequal as Nicaragua.
Homes of Hope
We are proud to present a new model which is innovative, comprehensive, and financially sustainable. Our trust secured mortgage agreement with Banpro (Nicaragua’s largest bank) will make the funding for housing construction renewable and available to many families who do not qualify for a conventional mortgage. Banpro will multiply contributions to the fund by five, amplifying our capabilities.
Proceeds from the sale of these houses will grow the trust fund and increase the number of homes built each year. This mechanism makes the program entirely self-sustaining, and following our initial capital campaign, no further outside funding will be needed. The capacity of the program will continue to grow while more families each year enjoy the many benefits of a secure and dignified home.
Who are the beneficiaries?
Beneficiaries are families who come from the ‘working poor.’ In the United States we tend to associate employment with something that at least approaches a living wage. This is not the case in Nicaragua, where laborers are often paid less than the cost of a day’s food for a day’s work.
The working poor have the potential to enter the middle class, and a dignified home from the Fair Housing Alliance is the foundation that supports that process.