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 funds loaned by IDB, will be administered by the National Fund of Social Housing, and will enlarge the lines of credit micro finance institutions.
Low income families will be able to access these credits to finance their homes or lots, upgrade their residences or home building.
The resources of the Inter-American Development Bank will go towards the construction of social housing.
The announcement was made by representative of the IDB in Nicaragua, Mirna Liévano, with the Ambassador of Spain Antonio Pérez-Hernández Torra, a country which provided the resources to conduct the study of the housing project to be implemented this year.
Development companies expect the Government to allocate $ 40 million for the construction of social housing by mid-year.
The Builders Chamber of Nicaragua (Cadur) said the funds will achieve the goal set by the Nicaraguan Social Security Institute, INSS, of 4.000 homes for 2011.