Housing and Finance in Developing Countries

By Kavita Datta; Gareth A. Jones | Go to book overview

NOTES
1
FOVI was established under a framework of the Alliance for Progress with a US$ 20 million loan from the Inter-American Development Bank.
2
This was made possible by the increased leverage of the government on the banks following their nationalization in 1982 (Jones et al. 1993).
3
FONHAPO’s ‘success’ has benefited from concession finance from the World Bank and substantial donations of land by state governments. More than one-half of the funds allocated to FONHAPO by BANOBRAS has come from grants or loans from the World Bank.
4
Although land and housing development in Mexico has most often been conducted through labour union branches, church groups and agrarian organizations, more radical social movements have also been important in Mexico City, Monterrey and northern cities such as Durango. Sometimes supported by NGOs or left-wing parties, but only rarely organized as collective or co-operative structures, these movements have been co-opted by the government through FONHAPO.
5
An example of such influence is the geographical allocation of INFONAVIT funds. The use of mandated payroll funds through a central agency was intended to allow poorer regions access to finance that would not be available from local collections. In reality, INFONAVIT housing finance has tended to be concentrated in industrial centres with strong union representation.
6
In the important state of Jalisco, for example, the Association for the Production of Housing (AJPROVI) found a significant divergence of costs between public financed and private developments in 1995 and 1996. Despite attempts to reduce costs through the construction of medium-density, mixed four-level apartments and single-family houses located in the larger cities, this divergence appears to be widespread.
7
There is some difficulty with interpreting data on FONHAPO as its portfolio includes small loans for housing improvement and, following the 1985 earthquake, an inheritance of 42,000 units from Renovación Habitacional Popular. Since 1988, FONHAPO has been downgraded by President Salinas’s ‘Solidarity’ programme that claims to have built or improved 400,000 units.
8
A number of banks had adopted low-interest starter loans, such as Espacio introduced by Banamex, that were attractive to many buyers and provided tax benefits to the banks
9
Housing finance institutions were subject to deregulation as a condition of World Bank loans in 1989 and 1993, and in the course of the preparations for the North American Free Trade Agreement (NAFTA).
10
A part of this strategy is Programa Social de Ahorro para Vivienda (PROSAVI) whereby workers save for a down payment and then bid for loans based on the size of the down payment. FOVI can grant successful bidders additional subsidies and favourable interest rates.
11
Data provided by Victor Villa, former bank administrator and now advisor for non-bank systems, Guadalajara, June 1996.
12
Most SOFOLs are linked to FOVI programmes in order to develop projects eligible for additional finance and participate in SUBASTA, and to operate as a primary depository for government trust funds.
13
Pulte is one of the largest home-builders in the USA and one of a small group of foreign firms building housing in Mexico.

-88-

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