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President of Honduras Hosts Signing Ceremony Celebrating Inter-Mac’s First Community

Government of Honduras, Inter-Mac Pledge Continued Partnership to Invest in Workforce Housing for Local Families
August 5, 2010

TEGUCIGALPA, Honduras — Yesterday, the Government of Honduras and Inter-Mac, a US based financing firm, participated in a presidential signing event commemorating the first homeowners within Inter-Mac's inaugural workforce housing community, Los Castanos de Choloma. In the memorandum of understanding, Inter-Mac and the Government of Honduras pledged cooperation to provide safe, affordable housing for hardworking Hondurans. The two parties will collaborate in the initial investment of $100 million toward the effort, and outlined their shared goal to house additional families through continued future investment.

President of Honduras Hosts Signing Ceremony Celebrating Inter-Mac’s First Community Press Release Image

President of Honduras Hosts Signing Ceremony Celebrating Inter-Mac’s First Community

Porfiro Lobo, president of Honduras, championed Inter-Mac's financial model, announced his plans to support the initiative, and called on local governments to follow suit.

At the Opportunities Begin at Home ceremony, President Lobo and Xavier Arguello, president of Inter-Mac, signed the memorandum of understanding to signify their agreement. The document establishes the framework for the partnership. The main government initiatives that will allow for expansion of the current initial investment are:

The creation of a secondary mortgage market in Honduras, which will streamline the development of affordable communities such as Los Castanos and will allow companies like Inter-Mac to reinvest their funds,

The development of an expedited permit process for workforce housing construction, and

The establishment of a subsidy program for approved residents to purchase a home, similar to the downpayment assistance programs offered in the US by the Federal Housing Administration, which will allow homebuyers with lower incomes to buy a home.

"We are thrilled to see our mission of affordable homeownership in Latin America come first to Honduras and are encouraged by this administration's commitment to its people," said Arguello. "As a native Honduran, I want to thank the President personally for his dedication to this endeavor. Together, we share a vision of secure, high-quality communities that will allow families a better future, and will cooperate to achieve this goal."

Los Castanos de Choloma, which opened its doors to residents last month, calls for 3,500 homes at completion and will serve as a model for future workforce housing development. The community, designed and built by HOLA Realty, features homes ranging from 1-4 bedrooms with 1-2 baths. The gated community, which is open to qualified buyers for $24 per week over a financing term of 25.5 years, includes paved roads, electricity, running water, and sewage treatment plants. Currently, residents who can afford to purchase these homes earn at least 1.5-2 times the minimum wage. Upon approval of the proposed subsidy program, entry into Inter-Mac communities will become affordable to those earning minimum wage.

Hugo Llorens, US Ambassador to Honduras, was also in attendance and offered remarks supporting the partnership. The signing ceremony marks an important milestone for Inter-Mac and the future of the country's workforce housing supply.

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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 called Los Castanos de Choloma, is successfully underway in Honduras with the support of the Honduran government. Constructed by HOLA Realty, the community brings essentials such as paved roads, running water, electricity, and sewer connections to families who may not have previously enjoyed these basic comforts. The gated community provides a truly safe and secure atmosphere for families to thrive, with plans in progress for a centrally-located community playground, bus terminal, and school. For more information, please call 011-556-6062 or visit http://www.inter-mac.com/.