MetLife Foundation | Innovative Financing for Affordable Housing
MicroBuild LLC - MetLife Foundation investment: $2.5 million (equity)
MicroBuild is an investment fund launched by Habitat for Humanity, one of the world’s leading champions of affordable housing and an organization whose builds attract the enthusiastic participation of MetLife associates every year. Habitat launched MicroBuild to demonstrate the viability of housing-focused microloans as an effective financial tool for lower-income households in the developing world. The Fund and its related technical assistance component is a major strategic initiative in Habitat’s effort to increase the scale of its activity dramatically in response to the immense global need for affordable housing. From MetLife Foundation’s financial inclusion perspective, addressing a poor person’s housing costs is one of the most effective tactics for building financial health. Along with other socially motivated investors including Omidyar Network, Triple Jump, and Overseas Private Investment Corporation (OPIC), MetLife Foundation’s investment will provide funds that MicroBuild can on-lend to qualified microfinance institutions (MFIs) in Asia, Latin America, and Eastern Europe. Those MFIs’ clients can apply for financing to build a new house or improve an existing one, buy land, or access legal aid pertaining to their housing or property situation. The Fund is expected ultimately to provide support to 100,000 low-income households around the world. But its greater promise is the proof of concept, encouraging more MFIs to add housing loans to their product offerings.
About MetLife Foundation
MetLife Foundation was created in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. Since its founding through the end of 2014, MetLife Foundation has provided more than $670 million in grants and $70 million in program-related investments to organizations addressing issues that have a positive impact in their communities. Today, the Foundation is dedicated to advancing financial inclusion, committing $200 million to help build a secure future for individuals and communities around the world. To learn more about MetLife Foundation, visit www.metlife.org.