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Affordable Housing

Committees to harness new housing cooperatives’ potentials underway–Experts

Abuja, May 3, 2019 (NAN) Participants at the cooperative housing workshop have resolved to set up two committees to harness the potential of the proposed Cooperative Housing Federation of Nigeria (CHFN).

The just concluded two-day workshop was organised by Nigeria Integrated Social Housing (NISH) Affordable Housing Ltd., in collaboration with Family Homes Funds (FHF) from May 2 to May 3 in Abuja.

The workshop had earlier called for the establishment of Cooperative Housing Federation of Nigeria (CHFN), Cooperative Housing Fund (CHF) and Cooperative Housing Information System (CHIS) to improve off-takers’ chances of owing affordable housing at minimal cost.

Mr Benson Iyohmere, former Managing Director, Police Mortgage Bank, explained that the first committee would handle the formation of Special Purpose Vehicle (SPV) that would harness the potential of the Housing Cooperative Federation of Nigeria (HCFN).

Iyohmere said that the second committee would look into cooperatives housing savings schemes which would tackle issues regarding how to build savings for the new body.

“It will strengthen the cooperatives and give them a voice that they can use to channel their expectations and achieve their dreams as well.

“The committees will be inaugurated in the course of the quarterly workshop so that their interim reports would be submitted.’’

The Managing Director of Family Homes Fund, Mr Femi Adewole, also said that capital for the new HCFN could be raised through voluntary contributions of members of the new cooperative.

He called for a market-driven strategy to develop capacity of the cooperative, including promotion of adverts and mobilisation of people to participate including at the grassroots.

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Dr Chi Akporji, former Director, Strategy, Policy Development, Nigeria Mortgage Refinance Company (NMRC), also endorsed the proposed cooperative and appreciated the high turnout of different cooperative members at the workshop.

“We cannot talk about affordable housing without recognising the critical role cooperatives play in that space.
“They represent the grassroots and the off-takers of the affordable housing that we are talking about.’’

She observed how powerful and effective the cooperatives were in East African countries, particularly Kenya where cooperatives could determine elections outcome.

Akporji, however, commended the convener of the workshop on its effort and the tentative steps being taken to address the perrenial housing problem.

The workshop, with the theme “Financing Affordable Housing Through Cooperatives” had in attendance executive members of housing cooperatives, off-takers, developers and finance experts among others.

Source: News Agency Of Nigeria (NAN)

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