Pilot Project to Direct Foreign Remittances towards Purchase Housing in Mexico

closed

The proposed project seeks to identify and test a mechanism to encourage Mexican immigrants in the U.S. to accumulate long-term savings by channeling part of their remittance payments into mortgages for the purchase of housing for their families in Mexico. The proposed project would serve as a model for Mexican financial institutions to replicate and thereby could make an important contribution toward improving the economic and social status of Mexican immigrant families. At the same time it would create an incentive for Mexican immigrants in the U.S. to return to their communities back in their home country, and for their families to access the formal financial system.