Environmental and Social Impact Assessment
for the Affordable Mortgage and Loan Company -
Al Reehan Neighborhood Housing Project
The Affordable Mortgage and
Loan Corporation (“AMAL”) is a newly-incorporated Palestinian
non-bank housing finance company headquartered in Ramallah.
AMAL was established as a holding company and will own a minimum of
four special purpose subsidiaries. Its mission is to provide
long-term, fixed-rate and adjustable-rate housing finance to low-
and middle-income households through established banks and
eventually Islamic finance companies. AMAL will play an important
role in helping to expand homeownership in the Palestinian
territories through the provision of fixed- and adjustable-rate
financing. Additionally, because housing finance is a
relatively new concept in the market, AMAL will help develop bank
mortgage lending capacity by requiring the use of a rigorous
underwriting and servicing regime that the Originating Banks will be
required to follow, drawing on international best practices whenever
possible. As one obstacle to low- and moderate-income families
achieving homeownership has been a lack of affordable housing
supply, the Palestine Investment Fund and other private sector
developers have unveiled plans to construct sizable housing
developments, with the first units expected to be available in the
fourth quarter of 2010. The following are links to various documents related to the environmental and social impact of this project. To open a document, double-click a link. To copy a document, right-click a link and click "Save Target as..." . Note that because of the large size of some of these documents, it is recommended that you download and open them locally rather than attempt to open them online.
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