Accelerating Financing for Affordable Housing (ASFAH) Project

The Accelerating Financing for Affordable Housing (ASFAH) Project, an initiative of the Global ESG Impact Forum (GEIF), aims to advance Environmental, Social, and Governance (ESG) policies and practices associated with financing affordable housing in emerging markets. Our goal is to support financial institutions in adopting best ESG practices, improving access to and lowering the cost of capital for affordable housing projects. However, there is a need for empirical research on various aspects, including identifying best ESG practices, cost-effective methods for data collection and analysis, outcome metrics, and optimal sequencing of ESG strategies. Conducting this research and sharing findings will accelerate the capacity of financial institutions to invest in sustainable and accessible affordable housing.

Mission and Vision

Our mission is to promote the broader adoption of ESG practices within the affordable housing sector in emerging markets. By doing so, we envision making affordable housing more accessible to diverse populations and ensuring financing is sustainable. Increased funding into the affordable housing market will expand its positive impact on global communities.

Partnership Activities

ASFAH collaborates with organizations supporting affordable housing and working in emerging markets. Partners contribute field data and experiences related to research questions, share introductions to local networks, and receive research findings and consultations on best practices. ASFAH facilitates GEIF board members' involvement in training, advising, or panel participation with partners, establishing arrangements on a case-by-case basis.


  1. Empirical Research: Conduct in-depth research on best ESG practices, cost-effective data collection methods, outcome metrics, and optimal sequencing of ESG strategies for financial institutions investing in affordable housing in emerging markets.
  2. Knowledge Sharing: Disseminate research findings through reports, white papers, publications, and webinars, targeting investors, financial institutions, advocates, and local communities.
  3. Capacity Building: Organize training programs for financial institutions, investors, and advocates on integrating ESG practices into affordable housing investments. Facilitate GEIF board members' involvement in training and advising programs.
  4. Networking Events: Host conferences and networking events to connect stakeholders, fostering collaboration and knowledge exchange within the affordable housing sector.

Current Partners

Sustainability Solutions: Supporting ESG for Affordable Housing

Sustainability Solutions is a not-for-profit consulting firm managed by Ms. Pamela Lamoreaux, a highly successful and experienced professional with over 20 years of experience globally in affordable housing. The organization is a partner of The Accelerating Financing for Affordable Housing (ASFAH) which is an initiative of the Global ESG Impact Forum (GEIF) at George Washington University. The partnership supports collaboration on research on ESG and its potential role in accelerating financing for affordable housing.

Sustainability Solutions aims to provide cost-effective ESG consulting services internationally to institutions supporting the development of affordable housing. A sound sustainability framework (ESG focused) has been shown to have positive effects on the development of affordable housing markets, which include: i) direct driver of increased supply of affordable housing stock, and increased demand for housing finance; ii) monitoring and reporting provides tangible impact to housing sector in that country; iii) increased value and attractiveness of institutions involved as an investment; and iv) making affordable housing an attractive asset class for investment. We also view climate as a challenge that directly affects families and communities and know thoughtful and robust ESG practices help companies address those concerns. Sustainable Solutions consulting services include 1) Gap Analysis – review the client’s current ESG policies and procedures to identify any gaps and develop an overall “roadmap” for a sound Sustainability Framework; 2) assist the client in improving current ESG/Sustainability Framework in support of capital raising or other objectives; and 3) other technical assistance needed by the client in regards to ESG/Sustainability policies and procedures (such as manuals, due diligence checklists, monitoring/tracking documentation). If you are interested in learning more about Sustainability Solutions, please email Pamela Lamoreaux.

Current Projects

Professor Jeffrey Stoddard, along with four dedicated students, is embarking on a comprehensive consulting endeavor for Cambodian real estate developer, BIZ, in collaboration with Stoddard Group International and USA Cash Investors, facilitated by SGA. Currently, our focus is on an under-construction development in Cambodia facing challenges such as a sluggish macro environment, title issues, and declining sales.

Our approach involves a thorough analysis of strategies implemented by international developers in similar circumstances. We're leveraging our network and resources, including professionals at the GW ICR, to gather insights and provide an external perspective. The ultimate goal is to deliver a well-informed document offering best practices to enhance the development's performance, drive sales, and optimize collections.

Roadmap for 2024

  • Developing a compendium of best practices and case studies.
  • An on-campus event for students and faculty with a panel consisting of GEIF members.
  • Build an international network/consortium to discuss and spread our mission and disseminate our findings on ESG through/with them
  • Our members from both GEIF and Sustainability Solutions participating in panels in in conferences on housing finance.