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Inter-Mac Receives First Funding for Housing and Mortgage Development in Central America

US Government's Development Finance Institution Approves Millions to Improve Lives, Housing Sector
September 24, 2008

WASHINGTON — On Tuesday, US-based financing firm Inter-Mac International received its first disbursement from the Overseas Private Investment Corporation (OPIC) to finance its inaugural workforce housing development, a 3,500-home gated community in the Sula Valley of Honduras, which will serve as a model for future workforce housing development and mortgage programs.

Inter-Mac Receives First Funding for Housing and Mortgage Development in Central America Press Release Image

Inter-Mac Receives First Funding for Housing and Mortgage Development in Central America

This first disbursement will be used to begin work on an initial 770-unit phase of the Honduras project, including clearing the site and constructing a model home. In December of 2007, Inter-Mac, an affiliate of real estate developer Clark Realty Capital, signed a $70 million loan agreement with OPIC that will be used to finance workforce housing projects throughout the Central America-Dominican Republic (CAFTA-DR) region with the potential to improve the living standards of 10,000 families.

Inter-Mac housing projects will provide basic infrastructure not available in most local communities, such as running water, electricity, sewage treatment plants, and paved roads.

"By providing prospective homebuyers in Central America access to quality housing at an affordable cost of $10,000 per home, and on a scale that helps to meet the needs of developers as well, this project presents a unique structure that is both economically viable and developmental," said Robert Mosbacher, Jr., president and CEO of OPIC. "OPIC is pleased to support a project with so much potential."

Inter-Mac and its local builder partner, HOLA Realty, will work to develop housing at an approximate cost of $10,000 per home, and will then offer long-term payment plans for homebuyers, ensuring that residents' monthly payments will be only slightly higher than what they would otherwise allocate to rent for substandard Honduran housing. For most residents of the inaugural community, this will represent their first opportunity to own a home.

"As a native Honduran, I know that safer, higher-quality communities and the opportunity to become a homeowner will allow families a better future," said Xavier Arguello, president of Inter-Mac. "I am thrilled to partner with OPIC and see our mission of affordable homeownership in Latin America begin to become a reality."

Inter-Mac has already hired a local office manager, leased office space in Honduras, and plans to take on new employees within the next two to three weeks. Within the next month, Inter-Mac will meet with Maryland-based Torti Gallas and Partners Architects to refine preliminary site plans and adapt US best practices to Central America.

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About Inter-Mac

Inter-Mac, an affiliate of American real estate firm Clark Realty Capital, provides a unique workforce homeownership initiative designed for developing economies. The inaugural community under the program, a 3,500-home community, is successfully underway in Honduras. Constructed by HOLA Realty, the community will bring essentials such as paved roads, running water, electricity, and sewer connections to families who may not have previously enjoyed these basic comforts. The gated neighborhood will provide a truly safe and secure atmosphere for families to thrive. For more information, visit www.inter-mac.com.

About OPIC

OPIC is the U.S. Government's development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds. Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported nearly $200 billion of investment in over 4,000 projects, generated $74 billion in U.S. exports and supported more than 275,000 American jobs. For more information, visit www.opic.com.