Housing Finance Programme The objective of the Housing Finance Programme is to support and foster the development of housing finance mechanisms for low-income households in developing countries. Building or buying a house is the biggest single investment a person does in his lifetime. To pay for such a big investment (usually several times the annual income) requires credit. Therefore, housing finance is one of the central issues to be addressed in developing shelter delivery systems. In practically all countries, private banks and housing finance institutions provide financing for house building and buying. Under stable economic conditions banks work well for the middle and higher income groups. The micro-finance sector, often community-based savings and loan operations had grown over the past decade. This vibrant new sector needs to be tested as an approach to the housing finance problem. Therefore, the programme undertakes research and development activities on finance mechanisms for the poor, such as community-based credit mechanisms and provide support to micro-finance institutions, which can expand their activities to housing finance. In view of the Goal of "adequate shelter for all", the focus of the programme is on activities, which will benefit the poor. Technical advisory services are provided as requested.