Independent Evaluation Group2016-05-262016-05-262016-04-20https://hdl.handle.net/10986/24359Access to adequate housing is critically important to the health and wellbeing of the world’s population. Yet, despite the fact that this statement is part of the United Nations Universal Declaration of Human Rights and has been on the global policy agenda for many years, hundreds of millions of people continue to live in inadequate conditions with little or no access to decent housing. The demand for housing solutions will increase as urbanization and population growth persists. The United Nations Human Settlements Program (UN-Habitat) has estimated that the number of people living in slums around the world will rise to 900 million by 2020 if nothing is done. Asia and Africa will face special challenges, because urbanization in those regions is proceeding rapidly. Housing is frequently unaffordable to all but the top earners. A recent report estimates a housing affordability gap affecting 330 million households, with 200 million households in the developing world living in slums (McKinsey Global Institute 2014). Research has shown that more and better housing increases the welfare of occupants. Homeownership may increase stability and civic engagement, and provide financial security in old age. Improvements in housing also have important benefits to the economy. Housing construction and home improvement generate demand for professional, skilled, semi-skilled, and unskilled labor; and allow many micro and small businesses to flourish. The housing market is an important component of national economies and housing booms and busts can have significant effects on the macro economy and financial sector. The core purpose of this learning product is to generate knowledge and provide lessons learned from World Bank Group support to housing finance. Lessons were derived primarily from evaluated interventions in the form of World Bank loans or International Finance Corporation (IFC) investments and advisory services. World Bank technical assistance and knowledge products and interventions on housing finance matters were considered when provided in the context of lending operations. One limitation faced in preparation of this learning product was the lack of coverage of stand-alone World Bank advisory services.en-USCC BY 3.0 IGOBORROWERMORTGAGE FINANCINGDEPOSITSFINANCINGMORTGAGE DEBTINTERESTINSTITUTIONAL INVESTORSLOAN UNDERWRITINGCREDIT SCORINGSUBSIDIZATIONCAPACITY BUILDINGLOANLOAN AMOUNTBORROWERSINFORMATION SYSTEMSMFISFUNDING SOURCESALTERNATIVE SOURCES OF FUNDINGCREDIT CRITERIAHOUSING LOANSBACKED SECURITYLIENTECHNICAL ASSISTANCEHOUSING FINANCEFINANCIAL INSTITUTIONMARKET DEVELOPMENTCOMMERCIAL BANKLOAN PRODUCTSACCESS TO DEBT FINANCEBANK LENDERSDEBT OUTSTANDINGFINANCIAL INSTITUTIONSPAYMENTEQUITY PARTICIPATIONCAPITAL MARKETDEBTLAND OWNERSHIPLOAN SIZESTERM CREDITLONG-TERM FUNDINGBANKSBOND MARKETSAFFORDABILITYCAPITALMORTGAGE INTERESTGOVERNMENT INTERVENTIONSMORTGAGE MARKETSLACK OF ACCESSACCESS TO FINANCEBANKCREDIT PRODUCTACCESSIBILITYFINANCIAL SECURITYCREDIT INFORMATIONDEBT FINANCELAND REGISTRATIONLOAN PORTFOLIOINSTITUTIONAL CAPACITYDEVELOPMENT COMPANIESFINANCE COMPANYEQUITY INVESTMENTURBAN DEVELOPMENTNEW MARKETSAFFORDABLE HOUSINGSECURITIESRURAL BRANCHESCREDIT RISKPROFITABILITYMICROFINANCEECONOMIC DEVELOPMENTBANK LOANLOAN OFFICERSREGISTRATION SYSTEMFINANCIAL INTERMEDIARIESCOMMERCIAL BANKSHOUSEHOLDSMORTGAGE LOANSLOAN SIZEFINANCIAL CAPACITYDEVELOPMENT FINANCEHOMEOWNERSMORTGAGE PRODUCTSFEESFISCAL DISCIPLINEHOME IMPROVEMENTDOWN MARKETCUSTOMER SERVICESRESIDENTIAL MORTGAGEFINANCIAL SECTOR DEVELOPMENTDEVELOPMENT BANKBACKED SECURITIESINCOME GROUPSTRANSACTIONS COSTLAND ADMINISTRATIONMFIADVISORY SERVICESDEPOSITCAPITAL MARKETSLOAN TERMPRIVATE SECTOR LENDERSLAND ISSUESPEOPLETAX EXEMPTIONAFFORDABLE HOUSING FINANCEPUBLIC-PRIVATE PARTNERSHIPSGUARANTEESPRIVATIZATIONFINANCIAL DISTRESSFINANCE COMPANIESINTEREST RATEPROPERTY RIGHTSBANKING SYSTEMINCOME GROUPMORTGAGEWELFAREMORTGAGE LENDINGSUBSIDYASSET MANAGEMENTINTERNATIONAL BANKPENETRATION RATESBUSINESS SUCCESSCREDITORLENDERSAVINGS INSTITUTIONSMICROFINANCE INSTITUTIONSBANK LENDINGINTERNATIONAL FINANCEMORTGAGE LOANMORTGAGESSAVINGSPUBLIC-PRIVATE PARTNERSHIPSTART-UPLOAN FUNDSADVANCED ECONOMIESACCESS TO FINANCINGUNIONINTEREST RATESHOMEOWNERSHIPLENDERSLOANSDEVELOPMENT FINANCE COMPANYFINANCIAL SYSTEMREAL ESTATEFINANCEFOREIGN CURRENCYMORTGAGE LENDERGOVERNMENT SECURITIESHOME IMPROVEMENT LOANSCREDIT LINESMALL LOANSDOWN PAYMENTINCOME CATEGORYEQUITYLOAN REPAYMENTSECONDARY MORTGAGE MARKETSHOUSING LOANCREDITEQUITY INVESTMENTSBOND MARKETTAX SUBSIDIESREPAYMENTMORTGAGE LENDERSPROPERTYPROPERTIESMORTGAGE INSURANCEBALANCE SHEETTRANSACTION COSTSCREDIT RATINGGUARANTEE SCHEMESHUMAN RIGHTSCORPORATE DEBTBANK LOANSSECURITYFINANCIAL MARKETINVESTMENTSECONDARY MORTGAGE MARKETCREDIT INFORMATION SYSTEMSLOAN PORTFOLIOSCOLLATERALMICRO-FINANCEFINANCIAL MARKETSREVENUELEGAL REQUIREMENTSBORROWINGINVESTMENTSPROVISION OF ACCESSRISK MANAGEMENTINTEREST RATE RISKHOME IMPROVEMENT LOANFAMILIESOUTREACHMORTGAGE RATESINFORMATION INFRASTRUCTUREMORTGAGE MARKETCREDIT INSTITUTIONSGUARANTEESMALL BUSINESSESReportWorld Bank10.1596/24359