Transformative Housing Reforms for Improved Vitality and Empowerment (THRIVE) Program

About the project

The Transformative Housing Reforms for Improved Vitality and Empowerment (THRIVE) Program supports Armenia’s efforts to provide long-term, sustainable, and affordable housing for around 109,000 ethnic Armenian refugees who fled to Armenia in 2023. Implemented by the Asian Development Bank (ADB) in partnership with the Government of Armenia, THRIVE is a results-based lending (RBL) program aligned with the Government’s housing initiative under Decree N 710-L.

The program helps refugee households access government-backed mortgages to purchase homes of their choice throughout Armenia. This approach promotes social inclusion, economic empowerment, and balanced regional development by encouraging settlement in less populated areas through flexible levels of support.

THRIVE focuses on strengthening Armenia’s housing systems by:

• Developing an inclusive social housing policy and governance framework;
• Establishing resilient and sustainable housing finance mechanisms;
• Improving market regulations and institutional capacity; and
• Enhancing financial literacy and awareness, with a focus on gender equality and women’s empowerment.

The program also promotes private sector participation in housing finance and is closely coordinated with the World Bank’s complementary housing initiative, ensuring alignment of objectives and harmonized support for the government’s priorities.

By 2030, THRIVE aims to enable thousands of refugee households to achieve homeownership, strengthen housing institutions, and improve resilience and inclusion across Armenia’s housing sector.