Against the backdrop of the widening housing gap in the country,and new Initiatives supported by the federal government to address the housing shortfall, the Real Estate Developers Association of Nigeria, (REDAN), has reiterated its support for Family Homes Fund, one of such new initiatives.
The support came from the President of REDAN, Rev Ugochukwu Chime, during an interview at the National Workshop of the Association of Housing Corporations of Nigeria (AHCN),in Abuja.
He said, ‘’Family homes fund is a welcome development that will cater to the yearnings for low income housing for years, we need a new paradigm to cater for the poor. And to ensure that the housing need of the poor is met’’.
He noted that apart from the provision of houses to low-income earners, it is an initiative that will create employment to many Nigerians.
‘’with the Family Homes Fund coming into place, we are now creating an opportunity for employment in the sites where those projects will be developed, they have a target of 500,000 housing units, in a year, that is, if you multiply by 8 people, that will give us 4million Nigerians who are gainfully employed, so the family homes fund and the N power projects, are a symbiotic relationship, and with that as a fulcrum, we will begin to look at other issues, like land use, and land administration’’.
On the challenges that such initiatives usually face, he said, ‘’I must say the man driving it is one who has had international exposure, Internally they have a very good mechanism, but like we all know, we need an established managerial component, you need to have the land administration processes streamlined, you need to have the transaction cost on land reduced, you need to have the transaction time on land reduced, also you need to have, some of the other parties, take some concessions, including the developers, and reduce the profit expectations, so that at the end of the day, we will meet the target of achieving housing for the poor.
So, Family Homes Fund, on its own cannot do it because, a chain is as strong as its weakest link, they cannot start the whole process and end it in the office, they need other stakeholders in the real estate value chain to come together, and that is what we have been doing as REDAN, because we understand that, we stand at the centre of it all’’.
Family Homes Fund is a partnership between the Federal Ministry of Finance and the Nigerian Sovereign Investment Authority as founding shareholders. The Fund is the largest affordable housing-focused fund in Sub-Sahara Africa, leveraging its significant capital (in excess of N1trn by 2023) to facilitate access to affordable housing for millions of Nigerians on low to medium income groups.
Source: Affa Dickson Acho
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