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Impact Debenture for home improvements

Impact Debenture for home improvements

Impact Debenture for home improvements


Organization: Programa Vivenda

Category: Mecanismos innovadores para el financiamiento y el acceso a soluciones de vivienda


Brazil has about 12 million inadequate homes* and few initiatives in the public, private and social sector aimed at tackling this problem. Lack of market interest, along with the lack of collateral of the most vulnerable population, are impediments for financing reforms for this target group.

Project objective:
To lever the supply of a complete package of accommodation improvements at affordable prices, including technical assistance, labor, materials, and financing with low interest by means of the debt instrument (debenture).

Scope: Statewide, cities in the state of São Paulo and Campinas with nationwide potential


Achieved Result

  • Development of the first social impact debenture in the country;

Expected Results

  • To finance accommodation improvements for 8,000 low-income families with interest rates lower than the market;
  • Financial yield of 7% for debenture investors, profits above this amount will finance reforms for the population unable to pay for improvements;
  • To Be a financing and mixed investment model ("blended finance") in the housing sector at the national level;
  • To contribute to the formation of credit literature for that market, creating a new precedent for this investment;
  • To re-apply this debt mechanism in other cities in the country and region;

Person/contact: Fernando Assad/

*Source: BRASIL, Ministério das Cidades– Secretaria Nacional de Habitação. (2011) Déficit Habitacional no Brasil 2008. Brasilia: Ministério das Cidades. Disponível em: <