WILLEMSTAD – Curaçao's new Mi Kas Awor affordable housing program could create or support as many as 860 direct and indirect jobs while stimulating significant investment in the local economy, according to projections presented by Fundashon Kas Popular (FKP).
FKP presented the economic impact estimates as part of the pilot phase of Mi Kas Awor, a housing initiative designed to expand homeownership opportunities for low- and middle-income families.
The first year of the program aims to benefit up to 370 families through four different categories of financial and housing assistance.
According to calculations presented by FKP, the program associated with those 370 beneficiaries could mobilize investment equivalent to more than 1.6 percent of Curaçao's gross domestic product.
The projected employment impact could reach 860 jobs, including approximately 670 direct jobs related to construction and building activities and another 190 indirect jobs in sectors such as building materials, services and commerce.
Mi Kas Awor is designed around cooperation between the Curaçao government, FKP, commercial banks, contractors and pension funds. The objective is to increase the island's capacity to construct affordable housing while making financing accessible to households across different income levels.
The economic component comes as Curaçao continues to face a structural shortage of housing.
According to figures presented by FKP, the island needs approximately 870 new homes each year simply to accommodate population growth. Current housing production is estimated at approximately 697 units annually, leaving an annual gap of more than 170 homes.
At the same time, demand for affordable housing remains considerable. More than 16,000 families are registered in the FKP/Mi Kas Awor system.
The first major development under the program is planned for Tera Kòrá, where FKP intends to construct seven residential towers with 32 apartments each. That would provide 224 apartments, ranging in size from 45 to 90 square meters.
The project will also incorporate green and recreational areas.
Tera Kòrá, together with the first phase of a development at Wechi, is expected to provide capacity for 370 homes during the initial phase of the broader program.
The government took the first financial step toward implementing Mi Kas Awor in July, committing resources that are expected to form part of the 2027 budget. The initial joint commitment between the government and FKP amounts to XCG 2 million.
The program is structured to provide different levels of assistance depending on household income, with some participants potentially paying monthly amounts starting at approximately XCG 550 toward the purchase of a home.
For the lowest-income category, FKP is also seeking cooperation with the Ministry of Social Development, Labor and Welfare (SOAW). If that arrangement is finalized, participating families earning up to XCG 1,000 per month could potentially see their own monthly contribution reduced to around XCG 300.
FKP says the broader objective is therefore not limited to constructing houses. By combining public support, private financing and large-scale construction, Mi Kas Awor is intended to address Curaçao's housing shortage while simultaneously generating employment and additional economic activity.