MICROCAPITAL BRIEF: Habitat for Humanity Introduces Microcredit Program for Housing in Costa Rica

Habitat for Humanity, a US-based nonprofit that seeks to provide poor people with clean, safe and affordable housing, reportedly is launching a program in Costa Rica to provide microloans to people without access to traditional housing loans. The loans are intended for building homes and require borrowers to have a co-signer but no collateral. Habitat for Humanity loans typically have terms of less than three months. Although further information on the loans has not been released, Habitat for Humanity recently partnered with MasterCard Foundation to support housing microfinance in Kenya. Habitat for Humanity released the 2014 Shelter Report, which highlights the importance of housing microfinance to low-income families throughout the world [2].

As of 2012, Habitat for Humanity reported total assets of USD 253 million.

By Megan McGowan, Research Associate

About Habitat for Humanity:

Habitat for Humanity is a US-based nonprofit with the mission of providing poor people with clean, safe and affordable places to live. Since its inception in 1976, Habitat for Humanity has engaged the services of homeowners and volunteers to build houses under the supervision of trained builders. In the US, the organization offers no-interest mortgage loans directly to low-income families, and outside of the US it partners with microfinance institutions to distribute and service home loans. Habitat for Humanity operates in all fifty US states and 100 countries globally. As of 2012, Habitat for Humanity reported total assets of USD 253 million.

Sources and Additional Resources:

[1] Tico Times: “Habitat for Humanity launches housing micro-credit in Costa Rica,” http://www.ticotimes.net/More-news/News-Briefs/Habitat-for-Humanity-launches-housing-micro-credit-in-Costa-Rica_Thursday-October-10-2013

[2] Habitat for Humanity Press Release: “Habitat for Humanity International’s 2014 Shelter Report highlights the importance of housing microfinance in addressing the need for affordable shelter around the world,” October 7, 2013, http://www.habitat.org/newsroom/2013archive/10_7_2013_Shelter%20Report_2014.aspx

MicroCapital.org, “Habitat for Humanity International, MasterCard Foundation Partner to Support Housing Microfinance in Kenya, “ October 26, 2013, https://www.microcapital.org/habitat-for-humanity-international-mastercard-foundation-partner-to-provide-microfinance-housing-products-to-low-income-kenyans/

MicroCapital.org, “Bank for Agriculture and Agricultural Co-operatives, Habitat for Humanity Thailand, Citi Foundation Launch “Microsavings Program for Home Improvement”,” June 12, 2013, https://www.microcapital.org/microcapital-brief-bank-for-agriculture-and-agricultural-co-operatives-habitat-for-humanity-thailand-citi-foundation-launch-microsavings-program-for-home-improvement/

MicroCapital.org, “Habitat for Humanity, Citi Foundation, Multilateral Investment Fund (MIF) Unveil The Housing Microfinance: Product Development Toolkit,” November 5, 2012, https://www.microcapital.org/microcapital-brief-habitat-for-humanity-citi-foundation-multilateral-investment-fund-mif-unveil-the-housing-microfinance-product-development-toolkit/#more-20923

MicroCapital Universe Profile: Habitat for Humanity, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Habitat+for+Humanity+International

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.

 

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