New Program Launched to Make Home Mortgages Available to Haitians

The Clinton Bush Haiti Fund has announced the launch of a $47 million program to make home mortgages more widely available in Haiti.

Jointly sponsored by the Clinton Bush Haiti Fund, the Overseas Private Investment Corporation, and the Haiti Reconstruction Fund, the program will provide home mortgages and home-repair loans to low-income Haitians and small businesses affected by last year's earthquake. The Development Innovations Group will manage the program, pending approval by OPIC's board of directors in June after implementation details are finalized.

The program was approved last week by the Interim Haiti Recovery Commission, a group formed in the wake of the January 2010 earthquake to review and approve projects funded by bilateral and multilateral donors, nongovernmental organizations, and the private sector. Funded by Haiti Reconstruction Fund ($10 million), the Clinton Bush Haiti Fund ($3 million), and OPIC ($34 million in debt funding), the program is modeled after similar efforts that have proved successful in other parts of the developing world.

"What Haiti needs today are smart investments that will create economic opportunities and lay the groundwork for long-term, sustainable growth," said Clinton Bush Haiti Fund CEO Gary Edson. "By providing funding for programs such as this, we're making it possible for ordinary Haitians to own their own home as well as their own future success and prosperity."