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[ch]CONTENTS Foreword Introduction Acknowledgements List of Figures List of Boxes List of Tables List of Acronyms and Abbreviations Key Issues and Messages Special feature: the Millennium Development Target on Slums Executive Summary PART A THE URBAN SETTINGS IN ECONOMIC CONTEXT 1 Challenges of Sustainable Development in Macro-economic Context Understanding Urban Shelter Development Challenges Demographic framework Translating demographic growth into the demand for housing and infrastructure Socio-behavioural framework An economic framework Environmental framework Financial framework International development aid Foreign direct investment National public investment in shelter Valuing urban assets Governance framework Mobilizing finance: removing constraints and reducing risks Addressing shelter and infrastructure standards Constraints to mobilizing resources Risks to providers of finance for low-income households The Macro-Economic Context of Urban Shelter Development Patterns of economic growth Sectoral performance and productivity Income distribution and inequality Poverty and employment Savings External debt Patterns of investment Foreign investment Public investment Private investment The impact of external factors on macro-economic performance The urbanization of national economies Concluding Remarks Notes 2 Shelter Policy and Finance: Retrospective Overview Context to international thoughts on financing for urban development Trends in shelter and municipal finance development: 1972 to 2004 Habitat I and the following period, 1972-82 The project approach Self help Who took part in and benefited from the projects? Towards financial sustainability: the 1980s Structural Adjustment: towards macroeconomic orthodoxy The birth of the enabling strategy: the mid 1980s Sustainability and the Brown Agenda Whole sector development: 1987 onwards The Global Strategy for Shelter Focus on building institutional capacity to develop housing and urban services Finance capital in development Globalization of finance The new millennium: policies and organizations in shelter and urban development The Habitat Agenda Reaching the lowest income groups: community-based finance The Right to Housing Conclusions Notes 3 Financing Urban Development Municipal finance and urban development: the main issues National municipal finance systems Sources of municipal finance Transfers Taxes on property and businesses User fees Betterment taxes and development exactions Borrowing Short term borrowing Credit enhancement, access to financial institutions and capital markets Income-generating enterprises Municipal development funds Other sources Municipal spending patterns Local government budgeting Participatory budgeting Multi-year capital budgeting Lack of funds for maintenance of existing assets Managing municipal expenditures Accountability and transparency Privatization of municipal services Key features Challenges of privatizing urban services Joint funding of infrastructure and urban services Joint Funding of community-based initiatives for the delivery of basic services New trends in partnerships for local development Summing up: Assessing the effectiveness and impacts of municipal finance systems Municipal finance and sustainable urban development Municipal finance and the delivery of land and services Impact of decentralization on municipal finance and service delivery Impact of privatization on municipal finance and service delivery Notes PART B SHELTER FINANCE: ASSESSMENT OF TRENDS 4 Mortgage Finance: Institutions and Mechanisms Highlights Cost of houses and need for mortgage finance Mortgage finance and poverty Recent trends General trends related to providers Sources of finance Strengthening secondary markets State support for housing finance Direct construction and loans Taxation related incentives Interest rate subsidies Securing stability - insurance and guarantees Regional analysis The North Transition countries The South Asia Latin America Sub-Saharan Africa Terms and conditions Loan periods and LTVs - accessing loans Savings Interest rates Housing finance, affordability and lower-income households The price of housing The cost of housing - and the responsive to supply to increased demand The implications for home-ownership for the young More general problems of affordability The continuing problem of informality Assessing systemic risks Notes 5 Financing for Social Housing Conditions and trends State rental housing in the North State rental housing in transition countries Rental housing in the South Social housing and home ownership Challenges Location due to market choice Notes 6 Small Loans: Shelter Micro-finance Small loan challenges Incremental development Access to financial services Micro-finance: what is it? The growth of micro-finance for shelter Links to formal financial agencies The MFI experience - enterprise to housing loans Reasons for expansion of MFIs into housing Neighbourhood improvement (slum upgrading) Land development Other providers and sources of finance Sources of capital finance Shelter micro-finance and subsidies Terms and conditions Savings Collateral and security Interest rates Loan periods Technical assistance Orientation to women Income generation Foreseen challenges Affordability Securing capital Notes 7 Community Funds What are Community Funds? Trends Funding Sources Terms and Conditions Strengthening collective capacity - savings Interest rates Collateral and security Loan periods Technical assistance Income generation Challenges Long-term strategies for continued viability The challenge of inclusion Notes PART C TOWARDS SUSTAINABLE SHELTER FINANCE SYSTEMS 8 Assessing Shelter Finance Systems Affordability and the difficulties of reaching the poor The role of finance - relationship building The role of mortgage finance: access to capital and the lack of loan finance The bigger picture and what the market cannot manage Financial risks The need for local organization The issue of urban development Connections and diversity within globalization No global financial flows in housing Summing up Notes 9 Policy Directions towards Sustainable Urban Shelter Finance Systems Towards inclusive urban infrastructure and services Financing for municipalities and service providers Public sector inadequacy to the task Balancing local, provincial, and national financing Importance of a Municipal Capital Financing Fund Debt swaps Betterment levies Improving tax collection Strengthening property tax systems Managing borrowing and debts Adjusting charges for local services Improving maintenance to reduce expenditure Private finance Improving the efficiency of resource use Multi-year programmes and budgets Participatory budgeting Government as creditor of local authorities and service providers Eliminating corruption Reducing the cost of urban services Enhancing households' willingness and ability to pay Income and employment Reducing transaction costs Strengthening sustainability and performance of shelter finance systems Reducing housing costs Enabling household decision-making through more effective policy Addressing the need for rental accommodation Contractor financing Development of 'developers' Reducing financing constraints and risks Financing informal development Savings and debt Improving the accessibility of mortgage finance Terms of housing loans The price of housing Recognizing the need for incremental loans Lending based on the idea of housing as a productive good Enhancing pro-poor formal housing finance systems Subsidies Social housing Small loans and housing microfinance The issue of default among low-income borrowers Guarantees Widening the scope of housing micro-finance Credit for building materials Remittances The role of charity in low-income housing Strengthening community-based funding mechanisms Notes Epilogue: Towards Sustainable Urban Shelter First element: abating housing costs Capital Land Infrastructure and land-use planning Building materials Standards Design Location Models of production and delivery Second element: increasing purchasing power Synergizing the two: lower housing prices and higher incomes Capital Infrastructure and land-use planning Building materials and standards Design Models of production Formulating and implementing urban shelter policies: sheltering the poor from "market poaching" "High-end poaching" in attractive urban locations "Residential poaching" in the urban periphery Mortgage finance "poaching" Political commitment and policy reform as the key to sustainable shelter Local engagement in the pursuit of the MDGs: the "Millennium Towns and Cities Campaign" Concluding remarks Notes PART D CASE OBSERVATIONS PART E STATISTICAL ANNEX Technical Notes Data Tables
Library of Congress Subject Headings for this publication:
Urbanization -- Economic aspects.
Housing -- Finance.