The specific objective of the Social Housing Financing Program is to increase access to mortgage credit for households with workers with the capacity to pay, with incomes up to four Salarios Mínimos Mensuales Vigentes (SMMV), for the purchase of low-income housing.

This is the second individual operation under a $400 million Credit Line for Investment Projects for Access to Business and Housing Credit approved by the IDB in july 2020, in conjunction with a first operation to finance the Access to Credit Program for the Recovery of Micro, Small and Medium-Sized Enterprises.

The program is expected to benefit a total of 2,500 households, of which at least 40 percent will be female-headed households through specific programs for their care. It has also been stipulated that all individual financing requests will be evaluated under a natural disaster risk analysis in the face of climate change scenarios.

The mortgage loans will have terms of up to 30 years for the purchase of the first property, which may be new or used homes for an individual amount of up to 109 SMMV, equivalent to US$40,000.

This operation is aligned with the IDB's Vision 2025, Reinvesting in the Americas: A Decade of Opportunities, created by the IDB to achieve recovery and inclusive growth in Latin America and the Caribbean, in the areas of gender and inclusion and climate change, which are two of its main axes.

The $50 million IDB loan has a 25-year maturity, a 5.5-year grace period, and an interest rate based on LIBOR.