Housing finance

In the face of a housing crisis rooted in commodification, there is growing alignment within both activist and scholarly circles over the need to reverse this trend and move toward decommodification. There is work left to be done, however, in conceptualizing how to get there. Housing and tenant groups challenge the logic of extraction through their day-to-day struggles in privately-held rental housing. The policy priorities of this movement are rooted in housing justice. By giving tenants more power over where they live through rent regulation, eviction protections, robust code enforcement, and other forms of legal recourse, these policies make real estate speculation less profitable. In parallel, there is a growing call for social housing conversions through both public takings and private land and property acquisition to realize a vision of housing that prioritizes decommodification, deep affordability, and democratic management. But how do these visions of housing decommodification relate to one another? In our forthcoming project Pathways to Social Housing in New York, we draw out connections between these different strategies, outlining a broad collection of policies that together can present a road to housing decommodification, both within our state and elsewhere around the country. In particular, we argue that to decommodify urban property, we need to fight not only for policy and funding which transfers land and housing to social ownership, but also for policies that make extractive and predatory housing models less viable and organizing more feasible. We need a strategy that incorporates both social housing and housing justice.

Liberalization of the housing finance sector has paved the way for rapid growth of housing finance in India. Over the years, the mix of market orientation of the housing finance system and an enabling regulatory framework has lent the much desired vibrancy to the housing market. The vibrancy is manifested in the intense competition among lenders and the wide choices available to borrowers. Lower lending rates, stable property prices, rising personal incomes and tax incentives for owner occupied homes have contributed to the increase in the demand for housing finance. Policy makers and the housing industry alike are oriented towards affordable housing in order to develop an inclusive housing finance sector. The builder community and lending institutions have awakened to the huge market potential for affordable housing for lower income households. In the light of the vibrancy of the sector, the article attempts to capture the competitive scenario the Housing Finance Sector in India.

This article examines the affordable housing market to develop a new way to understand the problem of co-optation in participatory urban governance. Through a case study of the Chicago metropolitan area, it uses data from 105 in-depth interviews—supplemented with ethnographic, archival, and secondary data—to shed light on the circumstances in which poverty-managing organizations compete for the resources necessary to house marginalized populations. Findings show how community-based groups, which have long housed the poorest neighborhoods and residents, are systematically excluded from access to development capital in favor of other “grassroots for hire” organizations more amenable to the elite co-optation of grassroots empowerment—a process referred to as co-optation by cohort replacement. The article discusses implications of these findings for the study of urban development, participatory governance, and the changing social safety net.

This paper critically explores the emergence of a market-led real estate market in Ukraine through housing privatization in 1990s to showcase the impact of state interventionism, as well as its absence, on housing conditions and real estate market.

A historical analysis of the geopolitics of real estate with settler-colonialism on the one side and the rise of über-wealthy foreign real estate investors on the other. Individual foreign investment in Western nation states is a long-standing geopolitical issue. The expansion of the middle class in BRICS and Asian countries, and their increased activity in Western real estate markets as foreign investors, have introduced new and revived existing cultural and geopolitical sensitivities.In this book, Dallas Rogers develops a new history of foreign real estate investment by mapping the movement of human and financial capital over more than four centuries. The book argues the reconfiguration of Asian geopolitical power has ruptured the conceptual landscape for understanding international land and real estate relations. Drawing on assemblage theories (Latour, Deleuze and Guattari), assemblage analytical tactics (Sassen and Ong) and discursive media theories (Kittler and Foucault) a series of vignettes of land and real estate crisis are presented. The book demonstrates how foreign land claimers and global real estate professionals colonise, subvert and act beyond the governance structures of settler-societies to facilitate new types of capital circulation and accumulation around the world.

Given the large size of India’s population, housing has become a general necessity but it also has
the potential to pull the economy on a faster growth track. Housing construction sector is one of
the most important and fastest growing sectors in the Indian economy. This study looks at urban
housing that is dependent on availability of low cost land, credit & finance for construction and
legal issues. Inadequate availability of land is a major factor affecting housing construction. This
is due to complex regulations, various legal procedures and controls that restrict efficient
functioning of land markets. In addition, the existing structure of housing finance is inadequate
to meet the needs of such high demand for housing. Thus, the private sector is becoming
increasingly important. The section on financial issues discusses the reforms and concessions
that the government has introduced to make financing cheaper and easier. Chapter 4 of the study
first reviews the existing land related laws and then examines the success or failure of the recent
reforms in these laws. Besides the above core issues related to housing sector, the study also
looks at the Indian model of housing development and compares it to other international
models. The last section of this study suggests reforms to central government to develop an
efficient and systematic land & housing policy.

This paper considers housing in Nigeria as a tool for national development. It begins by examining the importance of housing in the attainment of sustainable development. It then goes on to look at the various housing strategies programmes and policies that have emerged in Nigeria. The paper describes housing problems in Nigeria, housing as a policy, as well as the national housing policy. Furthermore, it gives a review of housing policies and programmes in Nigeria. The identified problems that are associated with the implementation of housing policies in Nigeria are poor administration, inadequate funding, insufficient infrastructural amenities, as well as inadequate housing finance. The paper recommends the periodic review of the housing policy, housing finance, encouragement of the use of local materials, as well as the provision of low cost houses in urban and rural places.

This article explores the impact of social housing financing arrangements for the fragility and resilience of this tenure as evidenced by its propensity to shrink or expand over the long-run. To do so, it examines the cases of Ireland and Denmark and employs and develops the concept of ‘financial circuits’. This concept refers to dynamic flows of capital and revenue which move through the built environment in ways which are structured by the different funding streams which make them up, and by their interaction with the wider socio-economic context. The key insight offered here is that the cyclicality, permeability and breadth of financial circuits are key to understanding finance’s impact on the size and trajectory of the social housing tenure. The Danish social housing sector has doubled in size since the 1960s partially because it draws on broad financial circuits which consist of many different types of finance, including government, non-profit and financialised private sources. This insulates the sector from reductions in funding from any single source and avoids the boom/bust investment cycles common in Ireland where the sector relies almost entirely on government grants for funding.

Housing bonds in Asia have continued to expand in recent years. However, the mortgage market remains rather heterogeneous and observing any trends at the regional level has proven to be difficult for now. As developing countries gradually reach higher levels of economic development, private lenders begin to take on a more participative role in the mortgage-backed securities (MBS) market, potentially helping the state to achieve its goals in housing finance. This paper hopes to examine the factors which explain the rise of private housing bonds in the Philippines. It posits that the country is undergoing a specific stage in financial development which is characterised by its imitative and adaptive response to economic opportunities. Extending from the works of Rethel and Sinclair (2014), Yu (1997; 1998), and Luedde-Neurath (1988), this paper argues that it is the tendency towards a more entrepreneurial state model that can best account for the rise of private housing bonds in the Philippines. Using discourse analysis, three indicators will be used to understand this transition: institutional isomorphism, institutional adaptiveness, and new institutions. As this paper will later demonstrate, such behaviours are particularly influential in economic policy making where the bond market has become a strategically important sector for housing finance.

The Philippines is now at the peak of expansion stage of the real estate cycle. How will it last, it will surely be based on the ability of the stakeholders to control and prolong the period. How it happen and why it happen is the topic of this article.  Studying real estate cycle is not only important for appraisers in determining the prevalent types of assignments but it is also important for the investors. Knowing the stages of real estate cycle will guide the them in making informed decision in every real estate transactions.

A global wall of money is looking for High-Quality Collateral (HQC) investments, and housing is one of the few asset classes considered HQC. This explains why housing is increasingly becoming financialized, but it does not explain the timing, politics and geography. The need for HQC, supported by a neoliberal ideology, discursive tenure practices that favour homeownership, and government policies pushing the financial sector as a key engine of economic growth, have internationally—but far from globally—inflated mortgage finance bubbles. 
 
The state is far from absent in the process of creating variegated patterns of housing financialization: it is directly implicated in each step that the wall of money takes towards securing HQC in local and national housing market sectors. The state actively—but not always consciously—creates the conditions for the financialization of housing and other assets, sectors and markets, often through a process I called “regulated deregulation” (Aalbers, 2016). The term indicates that the state is not withdrawing but rather being restructured (increasingly also through finance) in a way that favours the interest of some, often financialized corporations, and at the expense of others. Regulation is not being repealed to make the market mechanism function more smoothly; it is introduced to create new markets that end up looking nothing like the level playing field utopias espoused by neoliberal economists, think tanks, lobbyists and politicians. Of course the state could do other things, and luckily some arms of the state continue to, or start to, do other things—a theme we will revisit in the second half of this chapter.
 
Colin Crouch describes the situation that governments have created as “privatized Keynesianism”, which occurred initially by chance, but gradually became a crucial matter for public policy. Instead of governments taking on debt to stimulate the economy, individuals and families did so, including some rather poor ones. (...) Once privatized Keynesianism had become a model of general economic importance, it became a kind of bizarre collective good, however nested in private actions it was. (...) that very irresponsibility became a collective good. (Crouch, 2011: 114)
In this book I analysed how privatized Keynesianism was introduced in the years following the Great Moderation, a period that economists think of as one of stable growth and convergence, but which, in fact, was the beginning of the Great Excess, in which income and wealth inequality in many countries increased rapidly (Piketty, 2014). The lack of real income growth was matched with a rapid rise in household debt, and in particular, mortgage debt for the middle and to some extent lower classes. 
 
Privatized Keynesianism, the Great Moderation, neoliberalization and financialization have transformed the nature of homeownership and rental housing, and in turn also the social relations of housing. We arrive here a fundamental point of contention between Marxist and Weberian housing scholars. As covered in Chapter 2, Marxists maintained that one’s position in the housing market is a result of one’s position in the labour market, i.e. social class determines housing position; while Weberians argued that one’s position in the housing market determines social class. Kemeny (1992), for example, argued that housing forms the basis for a new explanation of social inequality.

The housing finance is expected to grow at a rate of 20-22% from the financial year 2016 onwards as per the report of ICRA. This is a positive development for the home loan borrowers to go for home loans, thereby creating more demand for the loans, which is a major push for home loan lenders, which increases competition between public and private sector banks. Both, the public sector and private sector banks are coming up with certain schemes to attract the customers. This paper is an attempt to compare the schemes and to know the perception of home loan borrowers between SBI, the largest public sector bank and ICICI, the largest private sector bank in India.

The financialization of housing has been increasingly identified as an important driver of social and economic change in contemporary capitalism. Focusing on the Brazilian context, this paper considers the extent to which recent changes in housing regulations, policies and markets confirm or challenge narratives about the financialization of housing in the international academic debate. I argue that while many of the trends stressed in the literature are apparent, more extreme processes of financialization within the Brazilian housing sector remain limited not only because of institutional and regulatory constraints, path dependence or political resistance, but because of fundamental structural conditions of Brazil's position as a peripheral economy. Three different but mutually reinforcing processes are scrutinized in order to evaluate how the financialization of housing and its limits manifest in Brazil: the re-regulation of the real estate-financial sector initiated in the 1990s; the changing funding patterns among real estate companies since the mid 2000s; and the increasing commodification of housing induced by a large scale and heavily subsidized housing program launched in 2009.

The operationalization of cocoa mass spraying program by the government which has the aim of fighting against pests and diseases in Ghanaians‟ cocoa farms would not just be adequate but rather uncovering the impact of the program on cocoa production is worth considering. It is therefore important to find out the impact of the program in the lives of farmers, chief farmers, and Municipal Coordinator for CODAPEC in Sefwi Wiawso Municipality of Western North Region. However, the study reviewed pieces of literature to find more information and gaps in the existing body of knowledge. Purposive and simple random sampling techniques were used to select cocoa-growing communities benefiting from the program and farmers respectively. Primary and secondary data were the sources of data for the study. Interview and questionnaire were the tools for data gathering. The study involved 100 farmers, 6 chief farmers and one Municipal Coordinator for CODAPEC as its respondents. Descriptive statistics tools such as frequency and percentage distribution tables were used to analyze data through the aid of Statistical Package for Social Scientists (SPSS) computer software. One of the major findings of the study demonstrated that accessibility of the program had been troubled by bribery, favouritism, to whom you know, quarrel, spraying team not ready and serious, spraying team demanding money, insufficient supply of pesticides, inadequate supply of fuel for spraying had made it inaccessible to majority of farmers in the study areas. Another major finding was that four times spraying had been stressed by CODAPEC yearly. Other findings were that sprayings were done between July and November; these had brought an increasing rate in cocoa outputs at the study areas. Based on the finding it was recommended that; government through CODAPEC should supply sufficient pesticides and adequate fuel for spraying. Bribery, favoritism, and to whom you know concepts should be prohibited and discouraged from the era of the spraying program and individuals who are caught in such actions should be prosecuted and jailed if the law demands.

Pradhan Mantri Awas Yojna (PMAY) is the current and greatest housing programs in India with a funding provision of $28 Billion. It is a multifaceted program offering a variety of options and products to the wide socioeconomic sections of the population. However, the effectiveness of PMAY in meeting the housing shortage is different from fulfilling the housing needs. This paper attempts to assess the PMAY from housing adequacy perspective. The concept of Housing Adequacy as developed by thr IHS Rotterdam permits an appraisal of housing programs beyond the quantitative supply-demand notion. It provides holistic understanding of the effectiveness of housing projects or schemes in not just quantitative aspects but also qualitative aspects. The housing adequacy infers to the idea of housing justice to the beneficiaries.

A building construction project is a high risk activity which must be managed effectively in all stages, in order to avoid delays and cost overruns, which in most cases are part of it, and a common problem. These problems occur frequently during project lifetime leading to disputes and litigation. There are numerous factors causing delays and cost overrun in building construction projects, and in order to mitigate these causes; the study aimed at identifying the mitigation measures in dealing with delay and cost overrun in public building project in DarEs -Salaam, Tanzania. This research presents a list of construction delay and cost overrun causes and mitigation retrieved from literature. The feedback from building construction experts was obtained through questionnaires. Subsequently, a questionnaire containing list of construction delays and cost overrun mitigations retrieved from literature was prepared. The questionnaire survey was distributed to 75 building construction experts, from the clients, consultants, and contractor's organizations side. Out of 75 distributed questionnaires, only 49 were returned. The data were analysed using Microsoft excel and ranked according to mean score for contractor, consultant and client. The general response from both parties were analysed, high scored factors were discussed. Effective project planning and scheduling; design change should be controlled; effective coordination and communication between parties; client, promptly paying the parties progressively; having accurate cost estimates; appoint competent site and project manager; comprehensive contract administration; ensuring prompt resolution in design change queries, issues and authorization report; efficient and effective planning time schedule for material procurement delivery process; developing effective strategic planning for solving identified risks; and ensuring on the timely availability of finance; were identified as the most effective mitigation measures in dealing with delay and cost overrun in public building project, due to having a mean score above 4.00.

Housing is a key object of financialization. There is a small but growing literature on the financialization of housing that has demonstrated how housing is a central aspect of financialization. Despite the varied analyses of the financialization of housing and the importance of housing to financialization, the relations between housing and financialization remain under-researched and under-theorized. The financialization of housing is not so much a specific from of financialization, as it transcends several of the different forms of financialization. Housing systems, in particular, differ widely across the globe, which implies that housing financialization will be inherently variegated, path-dependent and uneven. In this introduction to the Symposium, I will discuss how the articles in this Symposium contribute to the literature on the financialization of housing. Housing has entered a post-Fordist, neoliberal and financialized regime. Both mortgaged homeownership and subsidized rental housing increasingly are there to keep financial markets going, rather than being facilitated by those markets. There is little evidence that the global financial crisis has resulted in a de-financialization of housing. There are common trajectories within uneven and variegated financialization rather than radically different and completely unrelated forms of housing financialization.
Key words: housing, financialization, mortgage markets, rental housing, home ownership, state and public sector

Determining whether a slum prevention or upgrading initiative has been successful depends on expectation and what the goals of the initiative are. The recent reviewing of some of the poverty alleviation initiatives is a clear indicator that the current governance of Botswana is determined in improving its people’s lives. Provision of urban services like water, sanitation, and access to housing also indicate that the government accepts urbanization. Generally, as adequate policies are implemented and the local economy grows slums gradually disappear as residents invest in their homes and upgrade them over time. The shack slowly becomes a house, and the slum becomes a decent suburb. How quickly this process happens depends largely on how fast a city’s economy grows and how effective the urban policies are. It must also be understood that turning a poor, informal settlement into an integrated city and establishing the necessary linkages into the economy can take years. Therefore, with a growing economy, the government should be commitment to slum prevention and upgrading, and with the community dedication, the slum will gradually transform into a suburb.

This paper aims is to provide an understanding of the housing market situation in Ghana, the financing instruments available and the challenges faced by low-income households in accessing housing finance. The gap between incomes and house prices is shown to be huge across different groups in Ghana. It is also demonstrated that conventional mortgage finance is inaccessible to low-income households due to high payment-to-income ratio, the lack of cash for down-payment and long repayment period. Three alternative housing finance strategies are proposed. First, practical approaches to financing housing development through the spatial planning system are discussed.  Second, strategies to develop and make Housing Microfinance accessible to low income households are discussed. Third, strategies to mobilize labour for housing development at reduced costs through community-based initiatives have been recommended. Together, these alternative strategies can provide sustainable and affordable housing finance options for low-income housing development in Ghana.

There are two dominant discourses on finance: in the first, finance is the great enabler; in the second, finance is the great divider, the driver of social exclusion. What starts out as finance as an enabler can easily turn into finance as a divider. If someone's mortgage loan application is accepted, they may see finance as the enabler of homeownership, but if the loan conditions are predatory in nature, finance becomes a means of extraction. This paper focuses on two ways in which housing finance creates harm: redlining and predatory lending. This paper does not discuss new empirical research on redlining or predatory lending, but provides a selective overview of studies documenting these two forms of housing finance as harm. These two forms of housing finance share a number of characteristics related to exclusion, social groups, geography and local impact. Mortgage redlining is a form of place-based discrimination from housing finance. By delineating neighborhoods in which lenders do not grant mortgage loans they exclude households who want to buy a house and those who cannot sell their house. Predatory lending is a subset of subprime lending. Predatory loans are designed to exploit vulnerable borrowers. The rise of predatory lending had little to do with the mantra of emerging homeownership markets. In conclusion, mortgage lenders have the power to harm potential borrowers through direct exclusion (mortgage redlining) or indirect exclusion through overpriced loans (subprime and in particular predatory lending). 
Keywords: mortgage finance, redlining, subprime lending, predatory loans, social exclusion, homeownership

Inadequate housing supply is one of the biggest challenges facing both developed and developing countries today with housing finance being a critical factor. The informal sector is the largest housing supply system in Ghana but has not been able to meet the increasing housing demand. This is partly because of inadequate and ineffective financial mechanisms for financing informal housing provision in Ghana. The Study therefore investigated the major financing mechanisms used by the informal sector and factors which hinder their access to formal credit facilities. A cross-sectional research design was adopted for the Study. Simple random sampling was used to select the ten communities whilst the convenience sampling method was used to select the homeowners. A total of 310 interviews were conducted out of the total determined sample size of 392. The major findings emanating from the Study included the dominant use of informal source of housing finance; the existence of an underdeveloped mortgage market; and uneasy access to formal credit facilities from financial institutions. These have led to homeowners building incrementally and hence delay in housing completion. The Study therefore recommends microfinance for housing, site and services scheme and a non-mortgage lending facility for the informal sector.

This is a paper prepared by me for the Indian Institute of Management Bangalore-CRERI Real Estate Research Initiative. The paper is intended as a overview of the affordable housing sector with special emphasis on India. Affordable Housing is fast taking centrestage in the national agenda. In India, affordable housing is a term largely used in the urban context.Affordable housing refers to any housing that meets some form of affordability criterion, which could be income level of the family, size of the dwelling unit or affordability in terms of EMI size or ratio of house price to annual income.
The demand drivers for affordable housing are several.Alongside the growth of the urban population, rising incomes have led to the expansion of the middle class. This has led to a spike in demand for housing that is affordable but includes basic amenities. The agencies working in the affordable housing sector can be classified into . the public sector and the private sector. Both are dogged by issues such as scarcity of land,scarcity of marketable land parcels,titling Issues, rising costs and regulatory concerns. The way forward calls for a collaborative multi-pronged multi-stakehoder approach.

The Angolan Government, in its public pronouncements, has put great store in the private sector in driving post-war development and taking the lead particularly in the housing sector. However the World Bank has shown that Angola remains one of the world’s most difficult countries to do business, particularly in the sale and transfer of property. In the 1990s Angola had the daunting task of transforming, what had been a centrally-planned post-independence economy into a more open liberalised one that would attract foreign investment. At the end of the war in 2002 the country hoped to attract international investors and know-how to rebuild its devastated infrastructure and help meet the huge social demands for housing and employment. The Angolan Government rightly identified some of the key steps that needed to be taken to attract the private sector assistance. It committed itself to the provision of fiscal incentives, a reform of the system of credit for housing and the creation of public-private partnerships. However the growth of the private sector in Angola was inhibited by several historic factors. Angola’s extractive industry-based economy, by its nature is highly centralised. Angola was slow to implement promised decentralisation reforms and create mechanisms that allowed finances to trickle down to municipalities where local businesses could benefit.

Although differences between generation X (born between 1961 and 1980) and Y
(born between 1981 and 1995) about the factors which drive homeownership have
policy implications, little or no research has been undertaken into this issue. Results of
interviews undertaken show that generation X and Y agree that price was the most
important factor and that there are more generation Y reliant on government help.
Questionnaire results found that “income and housing prices” and “affordability and
accessibility” were the most important factors among generation X and Y, respectively.
This paper concludes that policy makers need to consider the generation differences.

Housing is an essential need in each economy and is a fundamental indicator of development and social prosperity. Development of housing is not just important to economic growth but is also one of the tools for economic development considering the accelerator impact it has on various industries including construction and infrastructure sector; it generates demand for supporting industries and leads to creation of job opportunities. Development of housing in a country is a sign of economic welfare. Housing Finance is a wide topic, the concept of which can change across mainland, nations, and, regions especially as far as the areas it covers. If we talk about the term in developing countries and in developed countries the meaning can be very differently understood. It refers to the money we use to build and maintain the nation's housing stock. But it also refers to the money we need to pay for it, in the form of rents, mortgage loans and repayments. In addition, the concept of housing finance and housing finance systems has been evolving over time.

Despite the significant demand for rented housing in Angola, it does not feature in Angola's National Urbanisation and Housing Program . This is unsurprising as few African Governments do give rented housing the attention that it deserves. Governments tend not to recognize that rental housing exists as an important form of housing tenure and that many households rent their housing at some stage in their housing career. For political reasons home ownership is the preferred housing option. However, rented housing appears to be unavoidable while households raise the capital to buy or build their own home, or while searching for land and saving for the building of a self-build home. Rental housing in most older urban neighbourhoods is an activity predominantly involving two sets of poor people. Poor landlords produce rental housing for poor tenants. Since the rents of one set of poor people help sustain the incomes of another set of poor people, the role that housing plays in income generation and household budgets is very important. Support for rental housing should be regarded a complement to homeownership, not as a form of competition and “governments should review their housing policies and devise appropriate strategies for rental housing which remove biases against non-owners”. After all, virtually all of today’s owners were once tenants. Since most landlords are little better off than their tenants, support for rental housing is not an inequitable policy. Rental housing is a valuable tenure to virtually every household at some stage in their lifetime and therefore should constitute a substantial element in the housing stock of every society. Not everyone wants to be a homeowner. There is a lack of data about renters and sharers and policy tends to be to turn tenants into owners without considering whether some sectors of the populations want to be, or are forced to be, tenants.

One of the main reason why housing finance is important is that, the assets it finances, is the significant part of national wealth and the fixed capital stock. Our study is about finding out the effective financial schemes for developing low-income housing in Nyarugenge district. The study has four objectives: To analyze the current housing finance situation for low-income earners in Nyarugenge District, to find out the contribution of the current financial schemes for developing low-income housing, to identify challenges met by low-income earners in the fulfillment of financial institutions’ conditions, to suggest the approaches and financial instruments used on the housing finance for low-income households. A sample of  90 households was chosen from the community in Nyarugenge district where 284,561 is the total number of population live in Nyarugenge district (NISR, 2012).  Data were collected by use of questionnaire instruments and semi-structured interviews analyzed using comparison analysis in order to test relationship and impact of the study variables.
The findings established that the current housing financial situation in Nyarugenge district is occupied by high number of renters where 62.22% of respondents participated in the study, are renters while 27.78% live in their own houses and 6.67% live in their family houses, and 3.33% of respondents share the houses. The findings also established that there some challenges facing low-income earners to fulfill the financial institutions’ conditions. Among these challenges, lack of collateral is the main challenge identified and occupied 37.5% of respondents participated in the study while lack of long-term credit occupied 25% of the respondents, unemployment also occupied 25% of the respondents and high interest rate occupied 12.55 of the respondents at the district level. The findings also established the financial approaches which can be used for developing low-income housing for low-income earners in Nyarugenge district. Those financial approaches are microfinance approach, housing cooperative approach, compulsory savings approach, rent-to-own approach, rent-to-purchase approach, guarantee structure approach, housing banks approach, sites and services approach and special housing funds approach. Housing finance is largest investment family makes in a lifetime. Housing finance for low-income-earners cannot be achieved if there is no involvement of the government, financial institutions and also the NGO’s contribution to create the financial instruments which can avail houses for the target group. This thesis is also suggested for the Government of Rwanda to improve access to housing for low-income earners through providing guarantee structure for home loans to low-income earners, improve slums infrastructure, and invest in businesses that generate revenue for low-income earners. It is also suggested to financial institutions to provide other ways of looking at collaterals like salaries and pension funds, and extend repayment period with reducing the interest rates.

Key Words: Housing finance, Low-income earners, Financial approaches.

AbstractDo globalization and Europeanization lead to the deterritorialization of European mortgage markets? Neither economic globalization nor EU policies have resulted in one European mortgage market. The various European mortgage markets are still quite different from one another in many respects. In most countries national lenders continue to dominate the market even though regulation itself has been internationalized to some extent. Deterritorialization has been slow for various reasons: tax, law, cultural and structural differences play a part, but the limited market share of mortgage intermediaries and the unequal treatment of foreign mortgage lenders in some countries also form a barrier. Path-dependent trajectories are highly important, but can sometimes be bypassed by global processes or downplayed by the entry of foreign firms. The secondary mortgage market is increasingly becoming globalized, while most primary mortgage markets remain largely national. The financial crisis may temporarily slow down securitization, while simultaneously both decreasing and increasing the globalization of mortgage regulation, firms and markets.Do globalization and Europeanization lead to the deterritorialization of European mortgage markets? Neither economic globalization nor EU policies have resulted in one European mortgage market. The various European mortgage markets are still quite different from one another in many respects. In most countries national lenders continue to dominate the market even though regulation itself has been internationalized to some extent. Deterritorialization has been slow for various reasons: tax, law, cultural and structural differences play a part, but the limited market share of mortgage intermediaries and the unequal treatment of foreign mortgage lenders in some countries also form a barrier. Path-dependent trajectories are highly important, but can sometimes be bypassed by global processes or downplayed by the entry of foreign firms. The secondary mortgage market is increasingly becoming globalized, while most primary mortgage markets remain largely national. The financial crisis may temporarily slow down securitization, while simultaneously both decreasing and increasing the globalization of mortgage regulation, firms and markets.RésuméLa mondialisation et l'européanisation conduisent-elles à la déterritorialisation des marchés hypothécaires européens? Ni la mondialisation économique ni les politiques de l'UE n'ont produit un marché unique européen du crédit hypothécaire. Au sein de l'Europe, les marchés hypothécaires restent très différents à plusieurs titres. Dans la plupart des pays, les établissements de prêt nationaux dominent encore le marché, même si on a relativement internationalisé la réglementation. La déterritorialisation se fait lentement pour plusieurs raisons; fiscalité, législation, différences culturelles et structurelles pèsent, mais la part de marché restreinte qu'occupent les intermédiaires en prêts hypothécaires, ainsi que le traitement inégal réservé aux prêteurs étrangers dans certains pays, constituent également un obstacle. Les chemins de dépendance sont particulièrement importants, bien qu'ils puissent parfois être contournés par des processus mondialisés, ou être minimisés par l'accès de sociétés étrangères. En matière de crédit hypothécaire, le marché secondaire se mondialise de plus en plus, tandis que les marchés primaires demeurent en grande partie nationaux. La crise financière va peut-être ralentir temporairement la titrisation, tout en atténuant et renforçant parallèlement la mondialisation de la réglementation, des sociétés et des marchés du crédit hypothécaire.La mondialisation et l'européanisation conduisent-elles à la déterritorialisation des marchés hypothécaires européens? Ni la mondialisation économique ni les politiques de l'UE n'ont produit un marché unique européen du crédit hypothécaire. Au sein de l'Europe, les marchés hypothécaires restent très différents à plusieurs titres. Dans la plupart des pays, les établissements de prêt nationaux dominent encore le marché, même si on a relativement internationalisé la réglementation. La déterritorialisation se fait lentement pour plusieurs raisons; fiscalité, législation, différences culturelles et structurelles pèsent, mais la part de marché restreinte qu'occupent les intermédiaires en prêts hypothécaires, ainsi que le traitement inégal réservé aux prêteurs étrangers dans certains pays, constituent également un obstacle. Les chemins de dépendance sont particulièrement importants, bien qu'ils puissent parfois être contournés par des processus mondialisés, ou être minimisés par l'accès de sociétés étrangères. En matière de crédit hypothécaire, le marché secondaire se mondialise de plus en plus, tandis que les marchés primaires demeurent en grande partie nationaux. La crise financière va peut-être ralentir temporairement la titrisation, tout en atténuant et renforçant parallèlement la mondialisation de la réglementation, des sociétés et des marchés du crédit hypothécaire.

This essay on Manhattan's most recent crop of ultra-luxury super-skyscrapers was first published in the book "Private Views: A High-rise Panorama of Manhattan" by Andi Schmied, published by Vi Per Gallery in 2021. It begins: Why do these buildings exist?

Housing finance in India has traditionally been accorded and continues to receive a low priority in policy formulation compared to other sectors. By international standards, housing finance constitutes a small proportion of Gross Domestic Product (GDP); and ...

This chapter seeks to shed light on the potential for well-meaning but poorly thought-out state interventions in Brazilian consumption indebtedness to produce sub-optimal outcomes in the last 15 years. The Brazilian population has for some time lived the paradox of taking on debt for common consumer goods when they could least afford it. This paradox was sharpened in 2016–2017 when the Brazilian government moved to draw on accumulated assets used to fund severance or sick pay (the so-called Fundo de Garantia por Tempo de Serviço–FGTS) as part of its efforts to address the effects of the 2014 economic crisis. Established in 1966, FGTS resources have traditionally been the most important and efficient means by which employees have been able to accumulate reserves to later use to help fund the purchase of a home. A significant share of FGTS funds was released to consumers in 2017, much of which was then used not to stimulate the economy but to pay down credit card debts. Foolishly, the resources historically earmarked for housing were thus reallocated to more prosaic—and arguably, unsustainable—consumption.