Additionally, the program aims to renovate 4,250 housing units, deliver 5,000 titles and improve basic services for 4,000 families.
"The Housing and Integral Habitat Enhancement Program (Prohabitat) provide direct subsidies to families with monthly incomes of up to $370 (8,700 cordobas) and is executed by the Nicaraguan Institute for Urban and Rural Housing (INVUR)", reported La Prensa.com.ni.
The initiative is funded by $32.7 million from the IDB, the Cooperación Española and a counterpart from the Government of Nicaragua.
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An IDB loan will support a program of housing and neighborhood improvement, focusing on low-income families.
A press release from Inter-American Development Bank (IDB) reads:
the Initiative will focus on low-income families and progressive construction
The Inter-American Development Bank (IDB) announced the approval of U.S.$20 million in funding for Nicaragua to support a program of housing and neighborhood improvement focusing on low-income families.
The rising costs of materials and the government's refusal to raise the ceiling price on affordable housing could derail the National Housing Plan.
The Government is maintaining its position of not raising the ceiling price of $20 000 to $26,500, saying that would not benefit low income families.
The Housing Ministry plans to invest in 15 municipalities, from January 2012 to 2014.
A press release by the Presidency of the Republic states:
“Six thousand families from various slum areas in 15 municipalities will see their living conditions improved in the next three years through the Comprehensive Improvement Program for Precarious Settlements, phase II, implemented by the Department of Housing.
The National Assembly has approved two loans from international organizations for financing affordable housing and expanding the electricity grid in rural areas.
$20 million from the Inter-American Development Bank (IDB) and $75 million from the Central American Bank for Economic Integration (BCIE) are to be used for the construction of new homes and for expanding the electricity grid in rural areas.