The World Bank approved A US$100 million loan to increase access to affordable and resilient housing in the country under the flagship program of the Government of the Dominican Republic “National Housing Plan Happy Family”(PNVFF) with a focus on low-income households, including those headed by women.
“The World Bank is committed tosupporting the Government’s efforts to provide affordable housing and better urban living conditions for eligible households”, said Alexandria Valerio, resident representative of the World Bank for the Dominican Republic.
“The project aims to provide financing to help 44,000 households acquire their first homeby 2026, guaranteeing access to housing, basic services and the infrastructure that allows them to increase their economic autonomy.” led by the Ministry of the Presidency (MINPRE) and will finance activities to close a general gap in access to and ownership of affordable housing in the Dominican Republic.
The main component of the projectwill finance housing subsidies in advance for eligible households under the PNVFF, led by the MINPRE through the National Housing Fund (FONVIVIENDA).
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Deficit
The Dominican Republic has a housing deficit estimated at 1.4 million units(51% of all housing units). 26% of this deficit is due to overcrowding conditions and new annual demand, while 74% of the deficit is due to housing that requires improvements due to poor quality materials or lack of access to basic services. such as water and sanitation.
A large part of Dominicans do not have access to adequate housing andmore than a third of the population lives in houses considered structurally vulnerableto climatic events. In addition, it is necessary to close the gender gap in access to affordable housing through better selection of beneficiaries, says the document provided by the World Bank.
The results Key milestones expected from the project include supporting approximately 44,000 low- and moderate-income households in the process of purchasing their first home; and improve urban living conditions for 19,000 people.
Protection
The multilateral organization affirms that the project is also expected to contribute protect families against the effects of climate change through a greater supply of formal, affordable, resilient and green housing; mobilize private sector financing for affordable housing; and close the gender gap in access to affordable housing through better selection of beneficiaries.
Support for women
The Plan National Housing Happy Family (PNVFF) has as It is intended to benefit approximately 140,800 low- and moderate-income individuals and is expected to provide 20% of total subsidies to 8,800 female-headed households, of which the loan from the World Bank will support to approximately 4,000.
The proposed Project will support PNVFF for greater access to formal housing at a lower price for households previously excluded from the market.
The variable spread loan has a final maturity of 35 years , including a 5-year grace period, in US dollars.
Households
“The World Bank is committed to supporting the Government’s efforts to provide affordable housing and better urban living conditions to eligible households,” said Alexandria Valerio, World Bank Resident Representative for the Dominican Republic.