El Salvador suffers from twin deficits of affordable housing and affordable housing finance. Total systemic mortgage production in the country dropped 12% in 2015 due to macroeconomic and social problems. Liquidity in the market is very limited and there is no internal capacity to invest in mortgage backed securities at this time. La Hipotecaria has maintained its lending programs in the face of these challenges and the OPIC guaranty will bring badly needed foreign investment into the country and the housing sector. The $45 million in proceeds from La Hipotecaria’s mortgage-backed securitization will be used to originate new affordable mortgages for El Salvadorian middle-class borrowers.
$33.75 million for up to a 30-year term.
$45 million ($39.6 million in Class A Notes, $4.5 million in Class B Notes and $900,000 in Class C Notes).
ACCESS TO INFORMATION
Unlike many other development finance institutions, DFC does not currently have an access to information policy.
Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at: https://www.dfc.gov/foia.
ACCOUNTABILITY MECHANISM OF THE UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC)
The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms.
You can find more information about the Office of Accountability at: https://www.dfc.gov/who-we-are/office-accountability.