Boost to Popular Housing Construction

A joint housing project between a bank and the Chamber of Construction will be carried out in Tegucigalpa, Honduras.

Thursday, January 26, 2012

The president of the National Agricultural Development Bank (Banadesa), Johnny Handal, and vice president of the Honduran Chamber of Construction Industry (Chico), Oscar Calona signed off on a program for building popular housing.

The project will benefit families earning less than four minimum wages, and will start with almost a thousand houses in Tegucigalpa, which are to be financed with funds that will be raised by Banadesa’s Private Contributions Regime (PAR), the newspaper La Tribuna reported on its website.

More on this topic

The Homes that Honduras Needs

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The housing deficit in the country is estimated at 1.2 million, with the difficulty faced by developers in obtaining financing having become one of the main obstacles.

Representatives from the association of civil engineers believe that in order to solve the problem of homelessness in the country, 45 thousand units need to be built every year for the next 20 years. Of these 45 thousand, 35 thousand will be to cover part of the existing deficit and the rest to meet the new demand that is emerging.

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Analysis is being done on the concept of a leasing and a housing trust fund to facilitate greater access to bank financing for the construction industry.

The Salvadoran Construction Chamber believes that its financial capacity to develop more projects could be expanded through the use of trusts. Its president, Jose Antonio Velasquez, told that   "... at the moment banks lend to housing developers 'against their balances'. By using the concept of trust loans, the bank takes control of the project and would be able to lend more".

$232 Million in Social Housing

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Salvadoran home builders welcomed President Funes's announcement, that turns into reality the long awaited anti crisis plan for the sector.

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$211 million for construction in Honduras

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The Central Bank announced the availability of the funds to finance the construction of homes. reports: "The president of the Honduras Chamber of the Construction Industry (CHICO), William Hall, announced that the Government will build more than 10,000 years this year with the financial aid.

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