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Affordable Housing

FHF and FMBN: Different Mandates, Great Institutions for Promoting Affordable Housing

Family Homes Funds (FHF) and the Federal Mortgage Bank are two prominent bodies in the Nigerian housing development sector. They both carry out financial interventions in the provision of houses, but their roles are bordering on complementary but distinct areas.

The Family Homes Fund Limited which was inaugurated in 2018 is a partnership between the Federal Ministry of Finance and the Nigerian Sovereign Investment Authority to address the country’s housing deficit. It has a target of supporting the provision of at least 500, 000 houses targeted at people on low income by 2023.

The Federal Mortgage Bank (FMB) on the other hand was established in 1956, known then as the Nigerian Building Society (NBS), a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria to supply the mortgage markets with sustainable liquidity for the advancement of home ownership among Nigerians anchored on mortgage financing.

One of the differences between Family Homes Funds and FMB is that Family Homes Funds has a narrower mandate when it comes to the kind of housing it can fund in comparison with the Federal Mortgage Bank.

While Family Homes Funds focus more on low income earners, the Federal Mortgage Bank handles low and medium cost housing for all categories.

The FMB has a broader mandate because Family Homes Funds is more of a social housing initiative with the objective to support and facilitate housing for people who are on the lower income. Family Homes Funds have defined the lower income to be people who are earning N100, 000 per month and below.

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Another major distinction is the fact Family Homes Funds is a fund, which unlike FMB, enables them to finance more projects.

For example, construction financing is one of FHF major activities. For the FMB, it is outside of their purview. FMB are doing demand while FHF are doing supply. That is where the collaboration can come in.

Also, while the FMB is a permanently established institution, the FHF is a tenured fund initiative.

The institutions like FHF, FMBN, and NMRC are the drivers of the Nigeria Affordable Housing Sector working together as a team and must be supported by all.

By Ojonugwa Felix Ugboja

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