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Low-income housing finance in Colombia

Author

Listed:
  • Arbelaez, Maria Angelica
  • Camacho, Carolina
  • Fajardo, Johanna

Abstract

This paper explores the role played by policy instruments in access to housing finance by low-income households. It also analyzes the impact of housing credit and subsidies on both the quality of life and the quality of dwelling of the beneficiaries. Using the Quality of Life Surveys conducted in Colombia in 2003 and 2008, the study finds that policy instruments aimed at easing access of low-income households to affordable housing such as subsidies and loan guarantees have played a modest role in increasing the use of mortgages as a source of funding. Despite this, subsidies were found to have had a significant impact on both the quality of dwelling and the quality of life. Therefore, this paper suggests promoting the use of both instruments by improving their design and targeting.

Suggested Citation

  • Arbelaez, Maria Angelica & Camacho, Carolina & Fajardo, Johanna, 2011. "Low-income housing finance in Colombia," MPRA Paper 33531, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:33531
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    References listed on IDEAS

    as
    1. Mauricio Cárdenas Santa María & Sandra Rozo V., 2007. "La informalidad empresarial y sus consecuencias: ¿Son los CAE una solución?," WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO 009191, FEDESARROLLO.
    2. James J. Heckman & Hidehiko Ichimura & Petra E. Todd, 1997. "Matching As An Econometric Evaluation Estimator: Evidence from Evaluating a Job Training Programme," Review of Economic Studies, Oxford University Press, vol. 64(4), pages 605-654.
    3. Andrés Murcia Pabón, 2007. "Determinantes Del Acceso Al Crédito De Los Hogares Colombianos," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 25(55), pages 40-83, Diciembre.
    4. Mauricio Cárdenas & Alejandro Badel F., 2003. "La crisis de financiamiento hipotecario en Colombia: causas y consecuencias," COYUNTURA ECONÓMICA, FEDESARROLLO, September.
    5. Warnock, Veronica Cacdac & Warnock, Francis E., 2008. "Markets and housing finance," Journal of Housing Economics, Elsevier, vol. 17(3), pages 239-251, September.
    6. Nicolás Cuervo & Samuel Jaramillo, 2009. "Dos décadas de política de vivienda en Bogotá apostando por el mercado," DOCUMENTOS CEDE 006651, UNIVERSIDAD DE LOS ANDES-CEDE.
    7. Alejandro Badel & Mauricio Cárdenas, 2003. "La crisis de financiamiento hipotecario en Colombia: causas y consecuencias," IDB Publications (Working Papers) 2159, Inter-American Development Bank.
    8. Mauricio Cardenas & Alejandro Badel, 2003. "La crisis de financiamiento hipotecario en Colombia: Causas y consecuencias," Research Department Publications 4355, Inter-American Development Bank, Research Department.
    9. Ricardo Rocha & Fabio Sánchez Torres & Jorge Tovar, 2007. "Informalidad del mercado de crédito para la vivienda de interés social," DOCUMENTOS CEDE 003883, UNIVERSIDAD DE LOS ANDES-CEDE.
    10. Mauricio Cardenas & Alejandro Badel, 2003. "La crisis de financiamiento hipotecario en Colombia: Causas y consecuencias," Research Department Publications 4355, Inter-American Development Bank, Research Department.
    11. Miguel A. Kiguel & Eduardo Levy Yeyati & Arturo Galindo & Ugo Panizza & Margaret Miller & Liliana Rojas-Suárez & Ricardo N. Bebczuk & Florencio López-de-Silanes & Olver Bernal & Paula Auerbach & Alber, 2005. "Unlocking Credit: The Quest for Deep and Stable Bank Lending," IDB Publications (Books), Inter-American Development Bank, number 79340, February.
    12. repec:idb:idbbks:416 is not listed on IDEAS
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    More about this item

    Keywords

    Low-income housing; Housing finance; Housing subsidies; Quality of life; Quality of dwelling; Low-income housing mortgage market;

    JEL classification:

    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy

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