家园与希望：为哈萨克斯坦的经济适用房和家庭投资调动私人资本

Mobilizing Private Capital forAffordable Housing and FamilyInvestment in Kazakhstan Katerina Levitanskaya, Martin Melecky, and Andrey Milyutin Homes and Hopes Scan to see all titles in this collection. I N T E R N AT I O N A L D E V E L O P M E N T I N F O C U S Homes and Hopes Mobilizing Private Capital forAffordable Housing and FamilyInvestment in Kazakhstan KATERINA LEVITANSKAYA, MARTIN MELECKY, AND ANDREY MILYUTIN © 2026 International Bank for Reconstruction and Development / The World Bank1818 H Street NW, Washington, DC 20433Telephone: 202-473-1000; Internet:www.worldbank.org Some rights reserved 1 2 3 429 28 27 26 Books in this series are published to communicate the results of World Bank research, analysis, and operationalexperience with the least possible delay. The extent of language editing varies from book to book. This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, andconclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of ExecutiveDirectors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, orcurrency of the data included in this work and does not assume responsibility for any errors, omissions, or discrepanciesin the information, or liability with respect to the use of or failure to use the information, methods, processes, orconclusions set forth. The boundaries, colors, denominations, links/footnotes, and other information shown in thiswork do not imply any judgment on the part of The World Bank concerning the legal status of any territory or theendorsement or acceptance of such boundaries. The citation of works authored by others does not mean The WorldBank endorses the views expressed by those authors or the content of their works. Certain artificial intelligence(“AI”) tools may have been used in creating this work, as indicated in the work, but all transformative and creativeeffort expressed in the work was performed by The World Bank staff or external contributors. The World Bank is notresponsible for any claims, including for errors or inaccurate information, generated by AI programs not controlled orowned by The World Bank. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privileges andimmunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)http://creativecommons.org/licenses/by/3.0/igo. Under the Creative Commons Attribution license, you are free to copy,distribute, transmit, and adapt this work, including for commercial purposes, under the following conditions: Attribution—Please cite the work as follows: Levitanskaya, Katerina, Martin Melecky, and Andrey Milyutin. 2026.Homes and Hopes: Mobilizing Private Capital for Affordable Housing and Family Investment in Kazakhstan.International Development in Focus. Washington, DC: World Bank. doi: 10.1596/978-1-4648-2338-1. License: CreativeCommons Attribution CC BY 3.0 IGO Translations—If you create a translation of this work, please add the following disclaimer along with the attribution:This translation was not created by The World Bank and should not be considered an official World Bank translation.The World Bank shall not be liable for any content or error in this translation. Adaptations—If you create an adaptation of this work, please add the following disclaimer along with the attribution:This is an adaptation of an original work by The World Bank. Views and opinions expressed in the adaptation are the soleresponsibility of the author or authors of the adaptation and are not endorsed by The World Bank. Third-party content—The World Bank does not necessarily own each component of the content contained within thework. The World Bank therefore does not warrant that the use of any third-party-owned individual component orpart contained in the work will not infringe on the rights of those third parties. The risk of claims resulting from suchinfringement rests solely with you. If you wish to re-use a component of the work, it is your responsibility todetermine whether permission is needed for that re-use and to obtain permission from the copyright owner. Examplesof components can include, but are not limited to, tables, figures, or images. All queries on rights and licenses should be addressed to World Bank Publications, The World Bank, 1818 H Street NW,Washington, DC 20433, USA; e-mail:pubrights@worldbank.org. ISBN: 978-1-4648-2338-1ISBN (electronic): 978-1-4648-2339-8DOI: 10.1596/978-1-4648-2338-1 Cover art:© Duncan Andison / iStock. Used with permission. Further permission required for reuse.Cover design:Debra Naylor / Naylor Design Inc. The manufacturer’s authorized representative in the European Union for product safety is Mare Nostrum Group B.V.,Doelen 72, 4831 GR Breda, The Ne