CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » CUs provide housing hope for Haitians
Community Service

CUs provide housing hope for Haitians

World Council of CUs works to address housing shortage.

April 13, 2017
No Comments
World Council
The sales force from SOCOLAVIM CU strengthens its capacity in housing microfinance delivery during training and receives certification from Habitat for Humanity.

A major earthquake in Haiti in 2010 killed more than 230,000 people, displaced nearly 1.5 million more, and destroyed more than 180,000 homes, exacerbating an already existing housing shortage.

Despite an influx of foreign aid, years after the earthquake inadequate housing options remain a challenge for Haitians. In 2015, with funding from the U.S. Agency for International Development (USAID), the World Council of Credit Unions started the Haiti Home Ownership and Mortgage Expansion (HOME) Program.

The three-year pilot project applies targeted financial incentives, technical assistance, and awareness-building to mobilize the development and purchase of affordable housing in Haiti.

During the pilot, HOME will help 1,750 low-, moderate-, and middle-income households build or improve their homes through targeted housing finance and technical assistance. It also will provide approximately 8,000 Haitians with new or improved homes.

While the program’s targets might seem small in comparison to the housing need in Haiti, the genius of the project lies in its replicable and scalable model.

Instead of imposing solutions on the Haitian housing market or employing a traditional model that funds construction, the HOME Program provides financial rewards for specific results to financial institutions and developers through its HOME Facility grant fund.

Through its market-based approach, HOME facilitates and incentivizes existing actors on both the demand and supply side of the housing value chain through a “pay for performance” model to create affordable housing options.

“We have seen so many empty and run-down public housing projects in Haiti,” says World Council President/CEO Brian Branch. “They’re built as a supply-driven response to a need for low-income housing but they’re often built far from employment opportunities and with limited transportation access. With this program, we’re offering technical support and product development with incentives to credit unions and nonbanking institutions to provide family home mortgages for lower-income populations.”

To date, HOME partners—including two of the largest credit unions in Haiti, the second largest microfinance institution, and prominent developers—have committed $13 million in private funds in exchange for $991,200 in grant funds to spur affordable housing.

These investments expand access to housing finance to unserved or underserved Haitians such as Joselande Kenole Moute. “Financing a house and borrowing to build is something I thought was reserved for rich people,” she says.

CARA BIDWELL is a program officer for World Council.

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
Digital Edition •  Subscribe

Trending

  • FOM modernization bill passes House Financial Services Committee

  • CISA issues emergency directive on VMWare vulnerabilities

  • Central bank digital currency creation needs ‘serious, exacting’ consideration

Tweets by CUNA_News

Polls

Are you ready for CECL?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us