Costa Rica project 515-0188 · 1982 · housing, urban and municipal infrastructure

Housing Guaranty to ensure private U.S. investors against default on loans provided the Government of Costa Rica (GOCR) in a project to help the private sector establish a replicable, non-subsidized, low-cost shelter program for low-income families. The Agricultural Bank of Cartago (DECAP) will channel project funds to the Sistema Nacional de Ahorro y Prestamo (SNAP) which will in turn provide consumer loans. The project will finance some 16,000 housing solutions for families with incomes below the national median. Loans will be available for either a serviced lot (with potable water, sewerage, electricity, storm drainage, streets, and sidewalks); a serviced lot plus a home improvement (i.e., a first phase living space); or a serviced lot, sanitary core, and multi-purpose area of 16.5 sq m. A 10% down payment will be required; monthly mortage payments will be over 20 years and limited to 30% of monthly income. Over 40% of project funds will be allocated to 10-year home improvement loans (some 7,296). The estimated average loan amount will be enough to construct two or more of the following improvements: sanitary facilities, an added bedroom, a new roof,and/or concrete floor an

Source: DEC abstract, PD-AAL-577 (1982). The source's own text.