CARIBBEAN DEVELOPMENT BANK HOUSING PROGRAM ASSISTANCE

Provision of the grant is contingent upon award of A.I.D. housing guaranty funds for low income housing construction in Antigua, Dominica, Grenada, Montserrat, St. Kitts, St. Lucia, St. Vincent, and British Honduras. The CDB will be provided short-term technical assistance from qualified U.S. secondary mortage market institutions (e.g., the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Government National Mortgage Association). The CDB"s loan administration, accounting, statistics, auditing, and financial management skills will be upgraded. Rules and procedures will be established for purchasing mortgages from primary mortgage lenders, issuing bonds and other fund-raising obligations, and determining yields. Through the UN Development Program, a technical expert will be provided to advise the CDB on low-cost housing techniques and design, project development, and use of loan funds. To assist the UN advisor, A.I.D. will finance from a U.S. non-profit organization, short-term advisors who are knowledgeable in low income housing, programming, market analysis, design and site planning, and management collection techniques. Their responsibilities will include formulation of housing program criteria; development of loan application forms and the necessary handling and processing procedures; development and publication of low-income housing standards; and conducting market analyses for each nation. Also under the project, site selections will be reviewed, housing standards will be refined, and program activities will be negotiated with local authorities. In-service training and seminars on overall aspects of the program will be provided to strengthen CDB and local institutional staffs.