Mortgage Finance Fund
Mortgage Finance Fund
Download Document| Date Published | 2013 |
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| Primary Author | Mortgage Finance Fund |
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Abstract
Established in 2003 by virtue of a presidential decree to expand housing affordability to low and middle income households through three main functions:
1. Channel subsidies to eligible lower-income groups of the society.
2. Provide temporary social safety for borrowers who experience adverse life events, such as a loss of employment that leads to payment defaults. It would finance up to three monthly mortgage payments on behalf of borrowers in times of demonstrated social hardship.
3. Receive land and infrastructure subsidies for the construction of new housing and acting as a developer of houses affordable to the targeted income group for their direct subsidy program, while at the same time assisting in “jump-starting” the mortgage sector.