"For us it's a dream come true because we didn't have a home. Most of all, it's for our children's future."Roman Rivas & Gina Flores / Castaños de Choloma Residents
IMPROVING CAPITAL FORMATION IN LATIN AMERICA
Solutions to the housing shortage in Latin America started with access to credit for the lowest wage earners. Together with our related companies, CRC Partners mobilized teams in an ongoing effort to analyze and create a model for affordable homeownership in secure communities. Our models showed that a family living in Honduras should be able to own a 2-3 bedroom home with sewer, water, schools, and amenities for the same monthly payment as renting a dirt floor tin roof hut in an unsanitary environment. The idea resulted in development of an award-winning 3,500-home gated community complete with paved roads, running water, electricity, sewer connections, bus stations, elementary schools, basketball courts, soccer pitches, and playgrounds. By facilitating an unprecedented mortgage contract model and credit mechanism, our team has allowed many renters to achieve their dream of becoming homeowners for the first time. CRC’s interest in Los Castaños de Choloma was sold in 2016 to the project’s local development partner.