Haiti Home Ownership and Mortgage Expansion (HOME)

WOCCU’s Haiti Homeownership and Mortgage Expansion (HOME) program created a new market for affordable housing by deploying an innovative Pay-for-Results Results (PfR) scheme catalyzing the supply and demand sides of the housing value chain. HOME transformed Haiti’s affordable housing sector. On the demand side, the program developed Haiti’s first credit union-issued mortgage product, offering a new solution to lower-income households typically not served by commercial banks when it comes to long-term financing. On the supply side, it stimulated the development of an affordable housing industry by incentivizing private sector investment in affordable housing supply and supporting affordable housing property developers to develop capacity to implement international building best practices and environment standards. Overall, the program leveraged more than USD 25.9 million in private sector funds utilizing less than USD 3 million in publicly funded incentives—a ratio of 9:1.