IDB in $10 million for Nicaragua low-income housing

The Inter-American Development Bank, or IDB, approved a $10 million loan to Banco de Finanzas, a leading commercial bank in Nicaragua, to finance a pilot housing project that will pave the way for low-income families working in the informal sector to get access to mortgage financing.

The program is expected to extend mortgage loans to an estimated 500 low-income Nicaraguan families.

The project seeks to address one of the biggest obstacles facing millions of low-income Latin American families that today struggle to improve their housing conditions: lack of access to financing because they can’t document their income.

Source: Hispanically Speaking News