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How does it work Centre for Affordable Housing Finance Africa

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            NOT JUST A SPECIAL PRODUCT LINE:
           Understanding microfinance for housing!

                   6th Biennial Micro Finance South Africa Summit
                       Financial Inclusion Conference & Exhibition

                                 Trade Conferences International
                                                    4-5 July 2012
                           Indaba Hotel, Fourways, Johannesburg

                                                    Kecia Rust
                                 kecia@housingfinanceafrica.org
                                   www.housingfinanceafrica.org




                                                                                                                         2



        Outline

!  From the housing side of the picture:
  !  Making housing finance more appropriate to borrower
     capacity


!  Unsecured lending: housing microfinance
  !    Who or what is it for?
  !    How does it work?
  !    How is it done?
  !    Key challenges…
  !    Progress


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                                                                                                                                                         3



          Affordability of consumers
According to the World Bank, only
3% of the population in Africa has
an income sufficient to support a                                                         18.8% earn above US$20
mortgage                                                                                  per day
In most cases,
subsidies don’t                                                               10.8% earn US$10 - $20 per day
bridge affordability
to buy a new house.                                                   9% earn US$4 - $10 per day
In others, they
cause new                                                       24% earn US$2 -
affordability
                                                                $4 per day
challenges.
                                                     36.5% of Africa’s population
                                                     earn less than US$ 2,00 per
                                                     day. This is the international                                             Source: AfDB
                                                     poverty line.                                                              Report on the
                                                                                                                                middle class,
                   Served                                                                                                       2011

                   Underserved
                   Unserved
                                                                  !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&




                                                                                                                                                         4



               So…. tiny mortgage markets
 !)#"%&
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                                                    So how else can people
                           ('#$%&
                                                    finance their housing?
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Source: World Bank data, provided by Simon Walley



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                                                                                                      5



From whole house to step-by-step




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                                                                                                      6



What is housing microfinance?




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                                                                                                                                                       7



                What is housing microfinance?
  !  Less than 30% of households in most emerging countries can
     afford a mortgage to purchase the least expensive developer-
     built unit because of:
         !  House prices are high
         !  High real interest rates of 10%+ amortised over years creates high
            monthly repayments that low income earners often cannot afford
         !  Unavailability of long-term funding, which creates interest-rate risk
            and limits the supply of mortgage credit
         !  Costly formal-sector systems for property rights, land use
            development, property transfer taxes etc., push families into the
            informal sector, and contribute to limit the demand for mortgage
            money
         !  Instability of household income makes long-term debt risky to
            lenders and unattractive for many families


  !  So, most households build step-by-step,
     room-by-room
                                                               !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&
                   As explained previously by Bruce Ferguson: IUHF Meeting in Brussels, June 2004.




                                                                                                                                                       8



                What is housing microfinance?
     Housing microfinance is … any micro financial tool to support
         investment in the components of housing, including land
                                                                                                                                Home
       purchase or access, provision of or improvement to services,
                                                                                                                             improvement
           full or incremental house construction, renovation or                                                                 loan
                                maintenance.!
!
Housing microloans are generally !
!  Unsecured or alternatively secured loans granted to individual
     borrowers (sometimes co-signers, goods, etc. – not property)!
!  intermediate in size (from $100 to $5000 - $10 000) !
!  of longer duration (1-5 years) than other microfinance loans
     given their size. !
!  Higher             ! 7nterest than secured loans but on par with
     microloans!
!  used to build or improve the home incrementally!
!  Productive, not consumption loans: enhancing risk
     management!
!  A niche market product: something special about the housing
     part…!                                         Guide &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&
Source: Daphnis & Ferguson, Housing Microfinance: A !"#$%&'()*&to Practice, Kumarian Press
Category                     Description / examples                            County                                                              9

                             Savings based, locally defined. Approach
Informal, locally
                             and use of funds defined by group:                All countries
established (susu, umpato)
                             individual or collective loans

Community                                                                      Slum & Shack Dwellers International,
                             Usually donor supported; largely
based
                             collective loans, targeted at most poor
                                                                               WAT Human Settlements Trust in TZ;
shelter funds                                                                  CCODE in Malawi
                             Individual loans for housing often a
Cooperatives and credit                                                        NACHU in Kenya; WAT SACCOs in
                             coincidental focus, although sometimes
unions (Saccos)                                                                TZ; Namibia; Zambia
                             explicit.

                             Origins in housing delivery / shelter             Kuyasa Fund & Lendcor in SA; Habitat
Non-bank                     NGOs that saw demand for finance                  for Humanity in Uganda;
Micro
lenders                                                                        KixiCredito in Angola; Uganda
(credit-only)                Origins in microcredit for SMMEs;
                             housing the next progression.
                                                                               Microfinance Ltd; Jamii Bora in Kenya;
                                                                               PRIDE in TZ; others…
Microfinance banks                                                             Pulse Holdings in Zambia; African
                             Usually when micro lenders convert to
(deposit taking and
lending to members and
                             banks to access capital - a focus on              Bank, and Capitec Bank in SA; K-Rep
                             housing loans usually comes later                 in Kenya; etc.
sometimes non-members)

State owned banks            Trend is now moving away from these as
offering microloans          many sustained losses

                             SA banks have offered unsecured loans             Standard Bank, ABSA in SA; Indo-
Commercial banks
offering microloans
                             for some time. The NCR estimates that             Zambian Bank; others in Namibia,
                             10-30% of these are used for housing.             Tanzania…
                                                            !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&




                                                                                                                                                   10


                !"#$#%$&"'($)*$)($+#%,$
         I                             !  Obtain legal tenure of site                                  F           Whether
                                                                                                                   formal or
         N                                                                                             O           informal,
                                                                                                                   housing is an
                                       !  Put in infrastructure
                                                                                                                   incremental
         F                                                                                             R           process
         O
                                       !  Build a house                                                M           Incremental
                                                                                                                   financing
         R                                                                                                         (HMF) is
                                                                                                       A           important
         M                             !  Move onto the property

         A                                                                                             L
                                                                                                                    Source: Ruth McLeod,
                                       !  Extensions / improvements                                                 Homeless International

         L                                    !  Solar
                                                                                                                    (2002), Research on Bridging
                                                                                                                    the Finance Gap in Housing
                                                                                                                    And Infrastructure and the
                                              !  Water harvesting                                                   Development of CLIFF
                                              !  Finishings

                                                            !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&
                                                                                                                                    11


          Who or what is it for?                                      Taking a long term view



                                       2nd dwelling for business…
                                      Income for retirement…

                                                                   Sell and buy…
                                                                                                               Mortgaged
                                                                                                               5-room
                                                                                                               house with
Once homeless, now an                                                                                          granny
                                          Sell to buy…
investor, providing housing to                                                                                 cottage
other low income earners                                                          Mortgaged
                                                                                  2-room
                    Borrow micro                                                  house with
                    loan to improve                                               backyard
                                                                                  dwelling
                                             Improved house
                                             with backyard
   Starter house                             room (for rental)

                                             !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&




                                                                                                                                    12



          What housing microfinance can do:
     !  Give low-income earners an
                                                          !  Borrow microloan
        opportunity to improve their
        housing circumstances
                                                          !  Make improvements
     !  Enable lenders to extend                                   !  Accommodation for rent
        lower down market, creating                                !  Small business
        new clients for possible future
        cross-selling.                                                                                          Repe
                                                                                                                     a
                                                          !  Realise income                                    loans t
     !  Offer income generation
        opportunities to support
        sustainable livelihoods.                          !  Pay back microloan

     !  Encourage home improvements
        and gentrification towards
        sustainable human settlements                     !  Improved housing asset


                                             !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&
                                                                                                                                                         13
               How does it work? ingredients

         2. Funding process: Bank,
                  investor, donor, fund, etc.                                                                                                 house
                                                                    borrower



          1. Lending process: MFI


  Origination                    Servicing                   Admin.                                           3. Housing process
 •  Marketing /               •  Disbursement !             •  Accounting!                                   •  Cost estimates!
    Outreach!
                              •  Collections!               •  Reporting!                                    •  Bill of quantities!
 •  Loan sales!
                              •  Delinquency                                                                 •  Plans!
 •  Credit checks!               Management!
                                                                                                             •  Construction assistance!
 •  Savings groups!           •  Tracking!
                                                                                                             •  Building advice!
                                                                                                             •  Etc…!


                                                                  !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&




                                                                                                                                                         14

                How does it work?
                Strong link with the housing process
                           Bank, investor,
                          donor, fund, etc.                                                                    Savings
                                                loan!
                                                                                                               group
                              investment!                             borrower

                                       MFI                                                                                     NGO


  Origination                    Servicing                   Admin.                                           Housing support
 •  Marketing /               •  Disbursement !             •  Accounting!                                   •  Cost estimates!
    Outreach!
                              •  Collections!               •  Reporting!                                    •  Bill of quantities!
 •  Loan sales!
                              •  Delinquency                                                                 •  Plans!
 •  Credit checks!               Management!
                                                                                                             •  Construction assistance!
 •  Savings groups!           •  Tracking!
                                                                                                             •  Building advice!
                                                                                                             •  Etc…!

NGO creates HMF lender: WAT Human Settlements Trust in Tanzania creates WAT SACCO /
Development Action Group in SA creates Kuyasa Fund; K-Rep Comm Dev creates Makao!
                                            !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&
                                                                                                                                                           15

                How does it work?
                Weak, or controlled link with the housing process.
                            Bank, investor,
                           donor, fund, etc.
                                       investment!                      borrower
                                                                                                                NGO or Building
                                         MFI                                                                   Material Supply store



  Origination                     Servicing                     Admin.                                         Housing support
 •  Marketing /                •  Disbursement !               •  Accounting!                                  •  Cost estimates!
    Outreach!
                               •  Collections!                 •  Reporting!                                   •  Bill of quantities!
 •  Loan sales!
                               •  Delinquency                                                                  •  Plans!
 •  Credit checks!                Management!
                                                                                                               •  Construction assistance!
 •  Savings groups!            •  Tracking!
                                                                                                               •  Building advice!
                                                                                                               •  Etc…!
Specialist housing product defined by partnership with housing support provider: Select Africa with
Habitat for Humanity in Malawi / OR with building material supplier: Lendcor in South Africa!
                                                !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&




                                                                                                                                                           16

                How does it work? No link with the housing
                process / liquidity link with a bank



                                                         borrower
                                         liquidity!                                                             NGO or Building
                  MFI                                  Commercial bank                                         Material Supply store



  Origination                     Servicing                    Admin.                                          Housing support
 •  Marketing /                •  Disbursement !              •  Accounting!                                   •  Cost estimates!
    Outreach!
                               •  Collections!                •  Reporting!                                    •  Bill of quantities!
 •  Loan sales!                                               •  Financial
                               •  Delinquency                                                                  •  Plans!
 •  Credit checks!                Management!                    management!
                                                                                                               •  Construction assistance!
 •  Savings groups!            •  Tracking!
                                                                                                               •  Building advice!
                                                                                                               •  Etc…!

Service company model: DIG supported pilot in India / Explored in SA!
                                                                    !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&
                                                                                                                                                 17

               How does it work? No link with the housing
               process / a product of a commercial bank
           Deposits!




                                                 borrower

                                                                                                      NGO or Building
                       Commercial bank                                                               Material Supply store



 Origination                     Servicing           Admin.                                          Housing support
•  Marketing /              •  Disbursement !       •  Accounting!                                   •  Cost estimates!
   Outreach!
                            •  Collections!         •  Reporting!                                    •  Bill of quantities!
•  Loan sales!                                      •  Financial
                            •  Delinquency                                                           •  Plans!
•  Credit checks!              Management!             management!
                                                                                                     •  Construction assistance!
•  Savings groups!          •  Tracking!
                                                                                                     •  Building advice!
                                                                                                     •  Etc…!

Commercial bank model: ABSA Bank!
                                                          !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&




                                                                                                                                                 18

               How does it work? Apex fund or body
               creates housing link
  Bank, investor,
                        Banks, investors,                   Bank, investor,
 donor, fund, etc.     donors, funds, etc.                 donor, fund, etc.



                                 Apex Fund!                                                           Housing support
                                                                                                        •  Cost estimates!
                                                                                                        •  Bill of quantities!
                           MFI     investment!    MFI                                                   •  Plans!
              MFI                                               MFI                                     •  Construction assistance!
                                    MFI                                                                 •  Building advice!
       MFI                                                                MFI
                                                                                                        •  Etc…!
                     MFI                           MFI


  Origination                    Servicing              Admin.
 •  Marketing /              •  Disbursement !       •  Accounting!
    Outreach!
                             •  Collections!         •  Reporting!
 •  Loan sales!                                                                        borrower
                             •  Delinquency
 •  Credit checks!              Management!
                                                        Apex fund: PRODEL in Nicaragua or Rural
 •  Savings groups!          •  Tracking!               Housing Loan Fund in South Africa!
                                                          !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&
                                                                                                                                19



    How is it done? Underwriting

   Borrower affordability                                                  Loan use

!  Know the client:                               !  Know the situation:
   !  Housing loan as a reward for                         !  Pre-loan use assessment
      existing clients
                                                           !  Provide approved plans, bills
   !  Savings group participation                             of quantities
   !  Community presence
                                                           !  Architectural advice to
   !  Evidence of other borrowing                             maximise building efficiency
                                                           !  Relationship with building
!  Affordability assessments                                  material supplier
   !  Budgeting as part of the
      origination process                         !  Support an incremental
   !  Expenditure-based                              vision
      assessment                                           !  Understand loan as a single
   !  Credit scoring (of a sort)                              step in a longer process and
                                                              plan accordingly
                                         !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&




                                                                                                                                20



    How is it done? Risk management

 Collateral alternatives                                            Servicing

!  Community pressure              !  Borrower education & training
   !  Group savings                !  Collections:
                                           !  Frequent payment opportunities: daily,
   !  Co-signers                              weekly
                                           !  Cash collections, convenient visits
                                           !  Advance statements – text msg,
!  Psychological                              personal visit, note under door
   pressure                                !  Swift recourse on delayed payments –
                                              name and shame
   !  Title deeds                          !  Built-in safety net with a “no-claim
                                              bonus”

!  Financial                       !  Loan use:
                                           !  Inspections & advice
   !  Savings                              !  Sanction against misuse
   !  Attached assets,                     !  SME cross-over
      including livestock             Management information systems
                                   !  !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&
                                                                                                                                                     21



  How can HMFIs lend where the banks won’t?
  HMF can be affordable even at rates significantly above mortgage rates

  Traditional Mortgage                                 Incremental HMF Loan
  $10,000 Home Loan at 25% interest                    5 x $2,000 Loans at 50% interest
   USD                                    USD USD

  10,000                                 10,000
                                              10,000
   9,000                                  9,0009,000
   8,000                                  8,0008,000            Principal paid                                   Principal paid paid
                                                                                                                       Principal
   7,000                                  7,0007,000
                                          6,0006,000            Interest paid                                    Interest paid paid
                                                                                                                       Interest
   6,000
   5,000                                  5,0005,000
                                                                Principal outstanding                            Principal outstanding
                                                                                                                       Principal outstanding
   4,000                                  4,0004,000
   3,000                                  3,0003,000
                                                                Cumulative borrowings                            Cumulative borrowings
                                                                                                                     Cumulative Borrowings
   2,000                                  2,0002,000
   1,000                                  1,0001,000
       0                                      0    0
           1   2   3   4   5    6   7    8 9 10 1      21 32 43 54 65 76 87 98 10
                                                                                9                  10
                           !"#$                                    !"#$ !"#$

    Monthly installment: $233                          Monthly installment: $150
    Total repayment: $28,000                           Total repayment: $18,000


                                        The installment associated with a Traditional Mortgage Loan at
                                        25% interest is still 55% greater than that of an Incremental
                                        HMF Loan at 50% interest.
                                                                                                                        Source: Select Africa




           The housing ingredients:
                                                                                                                                                     22




           more than just a special product line…
!  A place to build (land): Access to secure !  Can microlenders be
   tenure on which households can begin to      expected to provide the
   improve their housing conditions rather than housing ingredients?
   wait for the State to intervene is critical.

                                                                                    !  Can the borrower?
!  The skills and technical capacity to build
   (housing support services):
    !  Local municipal requirements
                                                                                    !  But without these
    !  Drawing & approval of appropriate & efficient
                                                                                       ingredients, the housing
       plans                                                                           process is less likely to
    !  Sourcing & costing of quality building materials
                                                                                       be a quality one
    !  Good quality builder / contractor
    !  Ongoing maintenance and longer term home                                     !  While microlenders
       improvements                                                                    grow to scale, big
                                                                                       challenge is growing
!  The permission to build (political support)                                         housing support
                                                                                       services to scale.
                                                              !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&
     The housing ingredients:
                                                                                                                                          23




     housing support services
The products and services you provide (or facilitate) to
     address what stands between what you do,
        and the achievement of your mission

                                          Marketing

                                  Land / secure tenure                                          METHOD:
 MISSION:                                                                                         offering
growing your               Water, sanitation, roads, elec                                        housing
 loan book                                                                                     micro finance
                            Access to building materials

                                     Construction TA



                                                 !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&




     The housing ingredients:
                                                                                                                                          24




     housing support services
The products and services you provide (or facilitate) to
     address what stands between what you do,
        and the achievement of your mission

                                          Marketing                                                   Estate agent
 MISSION:
growing your
 loan book                        Land / secure tenure                                               Conveyancer

                           Water, sanitation, roads, elec                                                Planner
 METHOD:                                                                                                Engineer
  offering                  Access to building materials                                                 Supplier
 mortgage                                                                                               Contractor
  finance                  Construction skills & capacity                                               Developer

               Housing support services compensate
                   for policy and market failures
                                 !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&                  %&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&
                 The housing ingredients:
                                                                                                                                                                     25




                 Housing support services defined


                    Finance                  Finance                    Finance                     Finance                       Finance
                    moment                   moment                     moment                      moment                        moment




      Acquisition                    Upgrading                   Provision of                   Construction                           Building
          and                         property                       basic                      of the house                          community
      occupancy                      tenure to                  infrastructure                   structure &                        institutions to
       of the plot                     obtain                    & upgrading                   improvements                       combat insecurity
                                      security
                                                                                                  •  Improve and                  •  Form neighbourhood groups
       •  Physically occupy the                                       •  Upgrading of basic          expand unit
          plot                         •  Maintain physical              infrastructure                                           •  Local and international NGO
                                          control of the plot                                     •  Add accessories                 support
       •  Pay for plot                                                •  Provide adequate            and space for
                                       •  Achieve secure                 sanitation                                               •  Partner with pubic and
       •  Starter infrastructure          tenure                                                     relatives and rental            private sector
       •  Construct an initial         •  Obtain full legal title
          makeshift shelter


  Advocacy & networking:                                 Services: Technical skills,                                     Products: building
policy and regulatory Issues                            supervision, admin support                                      materials, plans, etc.
Source: Housing Value Chain derived from Ferguson, as reported at HMF Regional Workshop, April 2010
                                                                       !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&




                                                                                                                                                                     26



              Opportunities for housing microfinance
     According to the World Bank, only
     3% of the population in Africa has
     an income sufficient to support a
     mortgage
                                                                                        18.8% earn above US$20 per day
        Build in
 opportunities
   for housing                                                                            10.8% earn US$10 - $20 per day
microfinance &
                                                                                    9% earn US$4 - $10 per day
  shift housing
         finance                                                            24% earn US$2 -
   potential for                                                            $4 per day
   low-income
       earners.                                                                      36.5% of Africa’s population
                                                                                     earn less than US$ 2,00
                                                                                     per day. This is the                                   Source: AfDB
                                                                                     international poverty line.                            Report on the
                                                                                                                                            middle class,
                     Served                                                                                                                 2011

                     Underserved
                     Unserved
                                                                              !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&
                                                                                                                                  27


        Conclusion: Emerging practice in Africa
                                          56'+#720$56'37'$                           1):);%27)(#0$<36#9'$
                    JG&20$=#/("$<+%).'$
                                                         8'/9/0$1234'$                               =292.($<+%).'$
!  Establishing a housing loan product

!  Cooperative savings and loans for housing                         -'."/0$1234'$ K)3'".#0$K)@?'?&2$

!  Scaling up capacity for growth 1/4'*'$8/370$=#/("$<+%).'$                                -'."/0$1234'$

!  Offering housing support services >'?)('($+#%$>/@'3)(40$A'9'&)$B$C"'3'$B$56'37'$

!  Broadening institutional actors ;23(23'%4$D'3E0$ <9)("2)'$;'L)('90$-)62%)'$
                                       56'37'$                        A&'3G'0$F'3G'3)'$
!  The use of cheap and effective building technology A."236'0$A'9'&)$

!  Services products: solar, water, sanitation A."236'$8/370$A'9'&)$ I9'32($8)3'3.2$
!  Guarantee finance            !<F0$F'3G'3)'$                                                          =292.($<+%).'$
                                                         -'."/0$1234'$
!  Collaboration    F'3G'3)'$>A8$!C$                                                    F<8=5=0$F'3G'3)'$

!  “pay as you go” slum upgrading 5->'?)('($C"'3'$H$F'3G'3)'$
                                           !"#$%&'()*& &+",*-"&./-&01/-2%34"&5/()$,6&7$,%,#"&$,&0.-$#%&8&%&2$9$)$/,&/.&*:"&7$,;%-<&=-()*&

				
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