OPIC-supported project receives award for Innovation in Social Good
Classy, an online and mobile fundraising platform for social enterprises, has awarded OPIC- supported MicroBuild for its innovative solution to help low-income families around the world build and improve their homes. MicroBuild, a unit of Habitat for Humanity International, was one of ten selected from 100 finalists to be awarded by the Classy Leadership Council, an honorary board of 100 industry leaders and experts.
MicroBuild is the first housing-focused microfinance investment program dedicated to helping low-income families. By partnering with microfinance institutions and taking a client-centered approach to securing loans, this program is able to best meet the needs of both homeowners and finance institutions. MicroBuild is working to make homes a safer place for thousands of low-income families to prosper.
Habitat for Humanity International formed MicroBuild in 2012 to support housing microfinance lending to people who could not access traditional bank loans. MicroBuild provides financing to local microfinance institutions in developing countries, helping families with little or no access to formal financial services purchase new housing or upgrade their existing homes. MicroBuild also provides technical support that allows these families to secure land tenure, purchase land and construct or improve their homes.
Through a longstanding partnership with MicroBuild, OPIC financing has helped thousands of families in 19 developing countries purchase or improve their homes. In Nicaragua, this financing has helped more than 6,642 households or 33,120 individuals construct basic homes. In Cambodia, more than 1,281 households or 6,405 individuals have accessed MicroBuild loans to build or improve their homes incrementally. OPIC made its first $45 million loan to MicroBuild in 2012. This was followed by an additional $45 million commitment in 2015 to assist more families in need of decent housing.