This project is located in Redcliff, a town situated in the Midlands province of Zimbabwe. The majority of the Redcliff populace are employed by the iron and steel industry, and the project served members of the Redcliff Cooperative, providing 29 homes. The land was previously purchased by the community and funding provided by ZINAHCO was used to extend individual loans to members of the cooperative, allowing them to purchase the single-storey units.
The new homeowners were selected from the bottom 40% income group and previously rented sheet metal shacks within informal settlements. The project provided up to $5,000 USD in loans, which were repaid over five years with an initial base repayment of $40 USD a month. This rose to $70 after the family was able to move into their purchased house; an increase made possible as the family no longer had to pay rent on previous accommodation. With the houses built in phases, repayments from units already built were recycled each month to help decrease the need for fresh capital investment.
Based on exchange rate on 31/12/2020
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Data last updated on 10/03/2021