CMAC Ica-Capital Strengthening and Low Income Housing Program

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The Inter-American Development Bank (IDB) through its Opportunities for the Majority initiative (OMJ) is currently analyzing the provision of a loan to finance CMAC Ica's home improvement mortgage product lines, pursuant to the IDB Board Approved loan for Capital strengthening and Low Iincome Housing Loan Program for the Peruvian Microfinance System PE-L1064. The Project's overall objective is to increase the supply of housing solutions and improve housing conditions for low-income communities in Peru by increasing the supply of home financing options. In Lima's metropolitan area, 87% of the effective demand for new homes is met by less than 1% of the market's offer while in the Ica region, the housing deficit is especially acute since the earthquake of August 2007 severely impacted the provinces of Pisco and Chincha affecting 75.41% of its residents and destroying close to 200,000 housing units, more than half of the existing housing stock.