2007年-世界发展银行全球_Low-income_Housing_in_Latin_America_and_the_Caribbean_4页_637kb

Summary of Low-Income Housing in Latin America and the Caribbean

Core Content

The housing sector in Latin America and the Caribbean (LAC) is a critical component of the economy, with significant positive externalities in terms of economic growth, public health, and societal stability. However, it faces numerous challenges, including inefficient government subsidies, market failures, high levels of informality, and a large slum population. The World Bank has been actively involved in reforming housing policies in the region, evolving from traditional "sites and services" approaches to a more market-oriented "enabling plus" strategy.

Main Trends and Challenges in the Housing Sector

• Urbanization and Home Ownership: LAC has one of the highest urbanization levels (76%) and home ownership rates (73%) globally.
• Global Trends: The past two decades have seen urbanization, democratization, decentralization, and globalization drive changes in the housing sector.
• Housing Deficit: There is a significant housing deficit, with 26 million inadequate units and an additional 28 million needed to address crowding and poor conditions.
• Land Market Issues: Serviced land prices are high relative to income, and informal tenure accounts for about one-third of home ownership.
• Slum Population: Over 128 million people live in slums, largely due to the inability of formal housing markets to meet urban population growth.
• Self-Constructed Homes: A growing percentage of housing in major cities is self-constructed, especially in countries like Mexico.
• Formal Housing Finance: Less than a quarter of housing in LAC is financed through formal mechanisms, and mortgages remain a small fraction of total credit.

World Bank's Enabling Plus Strategy

The World Bank has shifted its approach to housing in LAC to an "enabling plus" model, which emphasizes:

• Policy and Institutional Frameworks: Developing integrated frameworks that bring together stakeholders.
• Private Sector and Community Involvement: Increasing the role of private and community providers.
• Housing Finance Systems: Expanding and improving housing finance through mortgage insurance, standardized securitization, and demand-side subsidies.
• Land Supply and Tenure Security: Enhancing the supply of serviced land and integrating hazard mitigation into urban planning.
• Urban Upgrading: Scaling up urban upgrading programs and improving local government capacity in land use planning and regulation.

The strategy is supported by the IFC, which focuses on building mortgage markets through investments and technical assistance, including warehouse credit lines and securitization practices.

Housing Reforms in Mexico and Brazil

Mexico

• Reforms: The 2000 Fox administration prioritized housing, leading to the 2001 National Housing and Urban Development Policies.
• Key Initiatives: Bankruptcy reform, credit bureau modernization, and the creation of SHF to support secondary mortgage markets.
• Results: Mexico now has the highest volume of mortgage-backed securitization in the region, with significant government support for SHF.

Brazil

• Legal Framework: Law 9514 (1997) established a comprehensive legal basis for mortgage securitization.
• Funding Sources: The Brazilian system relies on savings deposits and FGTS (Federal Pension Severance Guarantee Fund).
• Innovative Programs: The PSH program combines subsidies for households and lenders, and includes an auction system for financial agents.
• Bank Support: The World Bank supports Brazil through DPLs, TALs, and a SWAp, while IFC helps improve mortgage market liquidity and securitization practices.

Emerging Challenges

• Land Market Functionality: How to make land markets work for low-income housing. Serviced land is a major bottleneck.
• Housing Indicators: Need for a comprehensive, reliable, and up-to-date system of housing indicators.
• Rental Housing: Addressing the underdeveloped rental market for the poor, including understanding its size, risks, and potential financial instruments.
• Housing Microfinance and Remittances: Leveraging remittances and microfinance to support low-income housing, including innovative instruments like using remittance history as collateral.
• Small and Medium Developers: Developing financial instruments to support small and medium developers, who are essential for low-income housing supply.

Conclusion

The World Bank and IFC have played a pivotal role in advancing market-based housing reforms in LAC, focusing on policy development, financial instruments, and institutional capacity building. Despite progress, challenges such as land market inefficiencies, lack of reliable data, and the need for a more inclusive rental market remain critical areas for further action. The region requires tailored, sustainable models that address local market conditions and promote equitable access to housing.