Housing Finance Foundation
Approved to post Kiva loans from: Kenya
Kiva conducts regular, ongoing monitoring of all Lending Partners, but only posts status updates here in response to relevant, major changes at the partner.
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.
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.
Repayment Performance on Kiva
| This Lending Partner | All Kiva Partners | ||
| Start Date On Kiva | Sep 30, 2014 | Oct 12, 2005 | |
|---|---|---|---|
| Total Loans | $41,975 | $2,061,041,065 | |
| Amount of raised Inactive loans | $0 | $311,410 | |
| Number of raised Inactive loans | 0 | 365 | |
| Amount of Paying Back Loans | $0 | $151,019,205 | |
| Number of Paying Back Loans | 0 | 179,653 | |
| Amount of Ended Loans | $41,975 | $1,864,416,345 | |
| Number of Ended Loans | 30 | 2,517,078 | |
| Delinquency Rate | 0.00% | 11.65% | |
| Amount in Arrears | $0 | $10,591,703 | |
| Outstanding Portfolio | $0 | $90,885,235 | |
| Number of Loans Delinquent | 0 | 34,499 | |
| Default Rate | 70.19% | 1.83% | |
| Amount of Ended Loans Defaulted | $29,460 | $34,067,325 | |
| Number of Ended Loans Defaulted | 28 | 91,294 | |
| Currency Exchange Loss Rate | 1.78% | 0.47% | |
| Amount of Currency Exchange Loss | $749 | $12,915,654 | |
| Refund Rate | 0.00% | 0.55% | |
| Amount of Refunded Loans | $0 | $11,263,070 | |
| Number of Refunded Loans | 0 | 9,868 |
Loan Characteristics On Kiva
| This Lending Partner | All Kiva Partners | ||
| Loans to Women Borrowers | 0.00% | 78.51% | |
|---|---|---|---|
| Average Loan Size | $1,399 | $393 | |
| Average Individual Loan Size | $1,399 | $585 | |
| Average Group Loan Size | $0 | $1,914 | |
| Average number of borrowers per group | 0 | 8.3 | |
| Average GDP per capita (PPP) in local country | $1,800 | $5,592 | |
| Average Loan Size / GDP per capita (PPP) | 77.73% | 7.03% | |
| Average Time to Fund a Loan | 12.35 days | 9.14 days | |
| Average Dollars Raised Per Day Per Loan | $113.28 | $43.02 | |
| Average Loan Term | 46.77 months | 11.5 months |
Journaling Performance on Kiva
| This Lending Partner | All Kiva Partners | ||
| Total Journals | 29 | 1,228,446 | |
|---|---|---|---|
| Journaling Rate | 50.00% | 41.93% | |
| Average Number of Comments Per Journal | 0.00 | 0.02 | |
| Average Number of Recommendations Per Journal | 0.00 | 0.55 |
Borrowing Cost Comparison (based on 2009 data)
| This Lending Partner | Median for MFI's in Country | All Kiva Partners | ||
| Average Cost to Borrower | 12% APR | 36.00% PY | 27.12% PY | |
|---|---|---|---|---|
| Profitability (return on assets) | 12.9% | 0.5% | -1.71% | |
| Average Loan Size (% of per capita income) | N/A | 56.00% | 0.00% |
Country Fast Facts
- Country:
- Kenya
- Capital:
- Nairobi
- Official Language:
- English (official), Kiswahili (official)
- Population:
- 45,010,056
- Avg Annual Income:
- $1,800
- Labor Force:
- agriculture: 75%, industry and services: 25%
- Population Below Poverty Line:
- 43.40%
- Literacy Rate:
- 87.40%
- Infant Mortality Rate (per 1000):
- 40.71 deaths
- Life Expectancy:
- 63.52 years