There is an acute shortage of affordable housing units across Pakistan, and the situation is more severe in low-income population, a segment characterised by high levels of unmet demand. As the demand for affordable housing is on the rise, the issue is further compounded by the currently limited housing finance products available for low income segments that can facilitate home ownership.
One of the overarching questions social entrepreneurs continue to face is how to adequately address the unmet demand for housing-related credit products. This state of affairs was one of the key drivers behind Citi Foundation's decision to endorse Acumen Fund's 'Pakistan Housing Knowledge Pillar'--a research program that seeks to better understand customer behaviour and product preferences at the base of the pyramid and design appropriate financial products to better serve low income communities.
Citi Foundation's $30,000 grant will be used to conduct a detailed market assessment and create a prototype housing finance product which would demonstrate the financial sustainability of offering housing finance to the low income housing market in Pakistan. The grant, another milestone for Acumen Fund in its effort to address poverty and its associated ills in Pakistan, was commemorated at a joint ceremony held at Acumen Fund's Karachi offices in the presence of Country Director Aun Rahman and Citi Pakistan Country Officer & MD Arif Usmani. Also present on the occasion were senior board and management teams of both organisations.-PR
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