Families in the Palestinian Village of Al Aqaba seek mortgage loans to build their new homes. The village will guarantee repayment of that loan through their cooperative credit union, the Al Aqaba Cooperative Assembly for Housing Displaced (ACAHD). Your donation funds the Rebuilding Alliance Revolving Mortgage Loan Fund to provide ACAHD construction loans, then use repayments to help other families rebuild too. Note: the Israeli Army has issued demolition orders to 90% of this village.
What is the issue, problem, or challenge?
This village is one of 150 Palestinian villages at risk of demolition because the Israeli Army has stopped issuing building permits. Without the unattainable building permits, no bank will provide financing. The village is taking brave steps to restore their housing. We want to spread the financial risk of demolition among many donations to finance construction. Please note: despite demolition orders, 130 children attend the kindergarten and 17 countries and agencies have invested in Al Aqaba
How will this project solve this problem?
With your help, we are creating the Rebuilding Alliance’s Revolving Mortgage Loan Fund to provide construction loans to ACAHD, Al Aqaba’s cooperative credit union. Families who have paid into ACAHD credit union can draw mortgage loans of up to $15,000 to help them build or finish their new homes. These are affordable loans to be repaid with a small profit at $100 per month over 14 years. ACAHD will collect monthly mortgage payments and guarantee against all contingencies but for demolition.
Potential Long Term Impact
• A thriving Palestinian village filled with happy families, hosting visitors from around the world; • A village-centered model for reconstruction that overcomes great risk; and • Establishment of the right of Palestinian towns to issue building permits in accordance with their town plan, like any other city in the world.
Total Funding Received to Date: $282
This project is now in implementation and no longer available for funding. Received funds will be used to accomplish concrete objectives as indicated in the project's "Activities" section. Updates will be posted under the "Project Report" tab as they become available.
Donors' contributions and pledges to this project totaled $282 . The original project funding goal was $54,000.