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Measuring the Impact of the Financial Sector Charter (FSC) with Respect to Low-Income Housing in South Africa
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Measuring the Impact of the Financial Sector Charter (FSC) with Respect to Low-Income Housing in South Africa
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Journal Article
Measuring the Impact of the Financial Sector Charter (FSC) with Respect to Low-Income Housing in South Africa
2009
Overview
This paper is largely informed by the analysis of trends and developments in the Financial Sector Charter (FSC). Government and banks signed a Memorandum of Understanding in April 2005, in terms of which banks agreed to extend R42 billion for affordable housing in the five years to end-2008. This article therefore provides a critical examination with respect to FSC targets and deliverables. Moreover, the article seeks to investigate how the financial institutions under the FSC's backing have made credit more accessible and affordable for low- to middle-income households. Further, the article assesses the extensiveness of investment in low-income housing as stipulated by the Financial Sector Charter Council reports, in particular quantifying the picture of their advance book. The economic downturn and collapse of the credit and mortgage markets has eroded the effectiveness of the low-income housing market, making it difficult for banks and other lenders to finance low-income loans.
Publisher
International Union for Housing Finance
Subject
