Fundraising Status:closed
Risk Rating:
What to know about this Lending Partner
Impact Category:
Other
Default Rate:
70.19%
Currency Exchange Loss Rate:
1.78%
Total Loans Raised:
$41,975
Loans at Risk Rate:
0%
Kiva Borrowers:
58
Delinquency Rate:
0%
Interests and Fees:
12% APR
Status update — February 28, 2018
Housing Finance Foundation’s final loans with Kiva have ended or been defaulted, and this partnership has been closed. For the past 2 years, Kiva has been working with Housing Finance Foundation to try to recover the remaining outstanding amount due to Kiva lenders. The organization has faced serious liquidity challenges due to poor repayments from the students caused by the difficult economic conditions, and despite efforts to address these issues, the organization was unable to make sufficient payments on obligations to its funders. Kiva’s present assessment is that this Lending Partner is unable to make further payments and thus the remaining $29,130.56 in outstanding amounts due to Kiva lenders has now been defaulted. If Kiva is able to recover any additional funds from Housing Finance Foundation, they will be applied to lender accounts on a pro-rata basis.
Status update — July 13, 2017
Housing Finance Foundation isn't currently raising funds on the Kiva platform. They have a total outstanding balance of $29,345.77 owed to Kiva lenders. HFF mistakenly reported repayments incorrectly, and as a result, the total outstanding amount is showing up as delinquent. HFF continues to collect loan repayments and submit the amount collected to Kiva each month, but their loans will remain delinquent until the balance is cleared and all loans are repaid and/or defaulted.
Partner description:
Housing Finance Foundation (HFF) is a subsidiary of Housing Finance (HF), whose vision is to deliver, facilitate and catalyze an industry by providing the relevant practical skills required by the building and construction industry through the creation of one million artisans for Kenya and the East Africa.
A unique lending approach:
Housing Finance Foundation has five main areas of work: technical and vocational entrepreneurial training, homes for the homeless, financial literacy, green technology and environment security. It’s partnership with Kiva will offer loans to students pursuing building and construction related courses.