| The shortage of affordable housing is a pressing social, economic and political problem throughout Latin America. Economic prosperity over the past decade has produced a new class of lower-middle income home buyers, with access to credit and an urgent need and desire to step up to better housing. Despite robust demand, however, a variety of factors severely limit the supply of suitable housing in the targeted countries: Brazil, Chile, Colombia and Costa Rica, four of the most economically and politically stable countries in the region. Targeting this unmet demand, CasaNovo Affordable Housing Fund I, L.P. aims to develop, construct and bring to market approximately $750 million-$1 billion worth of affordable housing units, over a six-year period.
. The fund is backed by two favorably-priced, approved debt facilities that total $108 million to be provided by the U.S. Government’s Overseas Private Investment Corporation (OPIC). |
