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Housing Fund Eyes N500b Capital

A firm, Family Homes Funds, said it plans to raise its capital base to N500billion by 2023 to facilitate access to affordable housing for millions of Nigerians on low to medium income groups.

Its Managing Director, Mr. Femi Adewole, said the Fund is the largest affordable housing-focused fund in sub-Saharan Africa.

He said the firm will soon commission its 650 housing units project in Delta, adding that it is one of the Federal Government’s special interventions in tackling the country’s housing deficit.

He said it is a partnership between the Federal Ministry of Finance and the Nigerian Sovereign Investment Authority (NSIA).

Adewole told The Nation at the weekend that through strategic partnerships with various players in the sector and some of the world’s main Development Finance Institutions (DFIs), the Fund has an ambitious commitment to facilitate and supply 500,000 homes and 1.5 million jobs for the low income earners by 2023.

As a sign of commitment, the 650 housing units in Asaba, Adewole said, was developed in line with this critical objective.

On payment options, he said beneficiaries of the project will enjoy a deferred loan for up to 40 per cent of the cost of their home.

He said: “For the first five years of the loan, no payments need to be made but from the sixth year, monthly payments will be made to start repaying both interest and capital to assist the subscriber. The amount paid starts low and increases each year in gradual steps at an average of 6.5 per cent per annum up to 20 years.”

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He said the fund, as structured, will not exceed 40 per cent of household income while beneficiaries will have an option to buy at any time they are able to do so.

On other projects on the line, he said projects have been completed or ongoing in states such Nasarawa, Borno, Ogun, Delta, Kaduna and others.

He said Fund has employed about 15, 000 workers, artisans, suppliers and all categories of housing professionals, with about 360,000 to be created from current development pipeline. He said the project has been of significant economic impact through the commercial activities and jobs that have been created in relation to the housing projects.

The Fund which is developing projects in the six geopolitical zones of the country had also recently announced that it is currently building 4700 homes in Borno State, out of which 3000 will be very low cost homes for Internally Displaced Persons (IDPs).

Source: thenationonlineng

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