Low cost housing and secondary mortgage market

Evaluation covers the period 11/17/72-12/31/78; no methodology is specified. The project was completed 12/31/78, with all loan funds ($8,400,000) disbursed and all loan agreements and covenants met. A total of $5,061,000 was disbursed through the primary market fund, providing subloans for low-cost and working class housing projects in Antigua, Belize, Dominica, Montserrat, St. Vincent, Grenada, and St. Kitts/Nevis/Anguilla. In addition, $2,874,000 was disbursed through the secondary mortgage market fund (SMMF), enabling the CDB to operate as a reserve or back-up organization for approved mortgage lenders and to attract funds into residential mortgages. An additional $1,900,000 for the SMMF was removed from the original loan because lack of experience in handling secondary mortgages slowed implementation of this project component. Technical assistance disbursements in project implementation amounted to $465,000. The project financed construction of 1,275 low-income housing units and mortgages for 446 units. Through the project, CDB became involved in providing assistance for housing and developed a housing policy. There remains, however, a critical need for housing in the region, and A.I.D. is investigating possibilities for renewed low-income housing activities.