• The government is considering creating a corpus fund of Rs.1,000 crore in the current fiscal that would encourage banks to give housing loans in "significant volumes" to the urban poor, Prime Minister Manmohan Singh said 

  • Addressing a conference on the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) here, Manmohan Singh said the corpus of Rs.1,000 would be set aside to create a credit risk guarantee fund that could be used to cover any bank losses.

  • He mentioned the government's Rajiv Awas Yojana (RAY) launched this year for "creating inclusive and slum-free cities, while leveraging the value of land to generate revenues". 

  • "The aim is to achieve slum redevelopment and create affordable housing stock by providing assistance to those states that are willing to assign property rights to slum dwellers. This reform will give the urban poor a formal stake in the cities' economic and social development."