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Affordable Housing

Family Homes Funds invest N20 billion in 5 housing projects for low income earners

Mr Femi Adewole, Managing Director, Family Homes Funds says that it has invested over N20 billion into five ongoing projects to enable the medium and low income earners in the society own their houses.

Adewole was speaking at the Fund Raising of the Real Estate Developers’ Association of Nigeria (REDAN) and Advocacy Lecture Series with the theme ” FHF Construction Finance-A New Hope of Financing Affordable Housing.

He said a lot of money is needed to target about 500,000 housing units for low-income earners.

He said thecurrent locations for the project are – the millinium city in Kaduna which is housing about 650 homes, the royal city in Kano of about 757 homes, in Asaba, Delta state of about 620 homes, Ogun state about1,074 homes and FCT about 580 homes.

He added that support had been received from the African Development Bank (AFDB) and the World Bank among others to address housing deficit in Nigeria.

“We have a strong commitment. We have invested over N20 billion to five housing projects to support Nigerians who are earning below N100,000. We are also providing financing for developers who will build homes ranging between N2.5 million to N5 million.

“In addition, we are providing some assistance to the buyers of those houses and we are given them a deferred loan for up to 40 per cent cost of the houses.

“We need a lot of money to house and achieve the target of 500,000 homes and that money is not going to come from the Federal Government alone.

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“So, we are developing partnership with a whole range of development institutions, the African Development Bank, the World Bank are just two of the many institutions we are talking to who are providing support for us.

“We have invested over N20 billion into five housing projects which are ongoing. Those projects have about 3600 homes in them.”

Adewole noted that by the end of December, the organisation should have committed to another 20,000 homes which he said would commence construction in 2018.

Also, Mr Ugochukwu Chime, President, Real Estate Developers’ Association of Nigeria (REDAN) advocated for increased funding of the housing sector to enable the medium and low income earners own their houses.

Chime said the theme was coming at a time when housing in Nigeria required significant quantum of funds to provide housing for the low income earners in the society.

According to him, our concentration over the years on demand induced supply based on market forces has not yielded the desired dividends.

“This is because the value chain and transaction dynamics that will produce such effective linkage is non existent.

“While we note that there is housing gap in the economy and realise that income level is low, the social intervention initiative of the Federal Government via the instrumentality of the family homes funds need to be clearly understood.”

Chime added that REDAN was working hard towards ensuring that members acquire requisite knowledge in respect of the business of real estate development.

He further said that the association had went into partnership with Centre for Housing Studies of the University of Lagos to serve as a hub for training of members.

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He, therefore, promised to work with stakeholders in the sector to ensure it move away from the learning curve to a higher pedestal of project feasibility, execution and closure.

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