Los Castaños de Choloma
Choloma, Honduras
3,629-Unit, Low-Income Workforce Housing Community with Amenities in Honduras
A Closer Look //
Los Castaños de Choloma is a 3,629-unit workforce housing community that provides safe and affordable homes to low-income families in Choloma, Honduras. With much of the low-income population living in informal, makeshift housing and often lacking basic services like clean running water, electricity, sanitary plumbing, and even sufficient shelter, our team sought to bring these basic living essentials to the Choloma workforce community. Typically, individuals working in low-wage jobs in Central America cannot access the mortgage financing from local banks to purchase a basic house. In partnership with the Overseas Private Investment Corporation (OPIC), we developed a 27-year financing model that enables families with incomes of one-to-three times the minimum wage in Honduras to buy a basic, 380-square-foot home. The gated community provides a truly safe and secure atmosphere for families, encompassing a new elementary school, central playground, soccer fields, basketball courts, retail, daycare center, onsite police station, church, and bus terminal. CRC's interest in Los Castaños de Choloma was sold in 2016 to the project's local development partner.
“OPIC’s development finance model depends on partnerships with businesses that have big visions, experience in challenging markets, and a commitment to see their work through to outcomes that are successful from both a business and a development standpoint. OPIC clients are having a profound impact on people’s lives that is tangible, enduring, and inspiring.”