The Central Bank of Nigeria (CBN) has announced a financing initiative to support the Federal Government’s Economic Sustainability programme, the plan by the apex bank is to fund the Social Housing programme to the tune of N200bn. Here are some 5 things you need to know about the mortgage loan and how to be a beneficiary.
1. The CBN social housing loan is to be implemented in collaboration with Family Homes Fund Ltd (FHFL) as the lead developer and eligible obligor. FHFL is a partnership between the Federal Ministry of Finance and the Nigerian Sovereign Investment Authority (NSIA), it was founded with the aim to address the country’s housing deficit.
2. The Term of the loan is to enable FHFL finance the construction of social housing units for people on a low income. The aim is to fast track the deployment of 300,000 homes in the 36 states of the federation and the Federal Capital Territory.
3. The Housing Fund will be released to FHFL on project basis, a project is defined as cluster of homes in the same geographical location and covered with the same title documents and approvals. They currently have 5 (five) estates projects around Nigeria. In Delta, Kaduna, Kano, Nasarawa and Ogun.
4. The programme is also aimed at creating up to 1.5 million direct construction sector jobs and the potential to create a further 1 million job through its supply chain
5. The social housing programme is designed to utilize at least 90% locally manufactured inputs and as a result conserve foreign exchange, local construction materials including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks among others. “For example, it is estimated that the programme will require up to 1.7m doors, 7m door hinges and locks among others.”
For people interested in the homes, the application will be through the Family Homes Fund Ltd (FHFL), they currently have 5 (five) estates projects around Nigeria. In Delta, Kaduna, Kano, Nasarawa, and Ogun. You can fill out an expression of interest form on their website.
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