IDB to help in low income housing scheme

The Inter-American Development Bank (IDB) has approved a $15 million loan to provide housing solutions to approximately 3,000 Surinamese households, according to a report on www.cananews.net.



The IDB said that the programme will address the low-quality of the housing stock and the lack of affordable housing solutions on the market for low income groups.



The financing will allow people who cannot afford traditional mortgage loans to access financing for new housing or improve an existing solution, by providing a single upfront subsidy of US$3.000. It will also pilot projects to provide residential land and/or a housing solution at prices that are affordable to low income households.



“Suriname’s current housing policy and programmes focus primarily on middle income groups. Moreover, its population faces limited access to land, titling and registry,” the IDB said.



It said the new programme will reach families in the bottom 40 per cent of the income distribution who are currently underserved by public housing programs.



By the end of the five-year project, it is expected that more than 1,000 of the poorest families in the country will have a new house and 2,000 will rehabilitate or expand their home. The project will also make the allocation of subsidies more efficient.