- Affordable Housing Institute
The last 15-20 years have witnessed tremendous growth in the housing microfinance industry globally, enabling a range of households in low- and middle-income groups achieve better housing outcomes. One of the key reasons for this progress has been innovative partnerships with allied stakeholders which have helped widen the reach of housing microfinance.
However, even as housing microfinance has made great strides in meeting the housing needs of millions, its growth is hindered by key inadequacies in our housing ecosystems. For instance, expensive and complicated processes prevent families from formalizing land title thereby threatening their long-term security and prosperity. Additionally, weak foreclosure laws discourage housing microfinance providers – and their capital providers too – from lending to those who lack formal title to their properties. With the majority of low-income households in rapidly urbanizing countries in Asia, Africa, and Latin America lacking formal property title, this poses a serious challenge to the growth of the housing microfinance industry.
In such a context, stakeholders in the housing microfinance industry – borrowers, lenders, investors, regulators, and community development groups, to name a few – are innovating and need to continue innovating to overcome barriers to meet effective demand. Moreover, as urban expansion continues unabated over the coming decades, particularly in developing countries, the effective demand for housing microfinance will continue to increase, and we must strengthen the supporting infrastructure needed to scale housing microfinance and fulfill demand.
With this in mind, this panel discussion will initiate the conversation on building a robust housing microfinance ecosystem, and analyze innovations in housing microfinance worldwide. Each panelist brings forth a distinct perspective owing not only to his/her experience in different parts of the world but also due to his/her distinct role in strengthening the housing microfinance ecosystem. The panel includes stakeholders that represent country-specific experience (Cambodia, Colombia, and India) and also those that represent global experience (Affordable Housing Institute, Habitat for Humanity, and International Finance Corporation (IFC)).
In addition to having panelist presentations, this proposed Networking Event will engage the audience by dedicating 30 minutes of the event to a brainstorming and open discussion session.
Access to affordable and secure housing is one of the many outcomes that the New Urban Agenda (NUA) and the Sustainable Development Goals (SDGs) strive to achieve for billions worldwide. Recognizing that housing is a means to achieving longer term goals such as improved wellbeing, happiness, and stable communities, this event proposes to aid in achieving the commitments set out in the NUA and the SDGs by:
o Strengthening existing partnerships and cultivating new alliances,
o Mobilizing stakeholders to exchange knowledge and build on successful practices, and
o Implementing the key solutions required to build a robust framework for housing microfinance.