President Muhammadu Buhari has lamented the reduction in the proposed funding for the National Housing Programme (NHP) by the National Assembly.
Buhari stated this while signing the 2018 appropriation bill into law at the State House, Abuja.
The provision for the Federal Government’s National Housing Programme was cut by 8.7 billion Naira.
The President while expressing concern over the changes made to the 2018 budget, noted that “the logic behind the Constitutional direction that budgets should be proposed by the Executive is that it is the Executive that knows and defines its policies and projects”
He said “unfortunately that has not been given much regard in what has been sent to me. The National Assembly made cuts amounting to 347 billion Naira in the allocations to 4,700 projects submitted to them for consideration and introduced 6,403 projects of their own amounting to 578 billion Naira.
Buhari said “Many of the projects cut are critical and may be difficult, if not impossible, to implement with the reduced allocation. Some of the new projects inserted by the National Assembly have not been properly conceptualized, designed and costed and will therefore be difficult to execute.”
The President however said “notwithstanding the above stated observations, I have decided to sign the 2018 Budget in order not to further slowdown the pace of recovery of our economy, which has doubtlessly been affected by the delay in passing the budget.”
Buhari said it is his intention to seek to remedy some of the most critical of the issues through a supplementary/ amendment budget which he said he hopes the National Assembly will be able to expeditiously consider.
The Delta State House of Assembly on Tuesday approved the request by the executive to obtain a revolving N600 million loan from United Bank of Africa for a 10,000 housing unit project.
The approval of the request followed a motion moved by the Majority Leader, Tim Owhefere, at plenary in Asaba which was seconded by Daniel Mayuku (PDP-Warri South-West)
Leading the debate, Mr Owhefere noted that the housing units when completed would help to tackle the housing challenge faced by civil servants in the state.
He said other people in the state would also benefit from the scheme and commended the state government for the initiative.
The motion was unanimously adopted when the Speaker, Sheriff Oborevwori, put it to a voice vote.
Governor Ifeanyi Okowa had earlier forwarded the request to the assembly to enable government to facilitate the takeoff of the housing units in Illah, Oshimili North Local Government Area of the state.
Mr Okowa said that his administration was determined to ensure lasting solution to the alarming housing deficiency especially among civil servants in Asaba, the state capital.
The governor noted that despite the approval by the State Executive Council, the assembly needed to give its own approval via a resolution.
He said that the state government had entered into partnership with Greenfield Assets Limited and its partner Lafarge Holcim Africa Plc, for the construction of the 10,000 housing units.
Mr Okowa said that the state had already signed a Memorandum of Understanding (MOU) with the developers in February 2016, adding that the state had also met some of its obligations.
According to him, Greenfield Assets Limited had requested government to provide a N600 million revolving bank guarantee to mitigate the gap in the takeoff of the project.
Anambra State government through its Ministry of Lands is to carry out a revalidation exercise in some Government Layouts in the state.
This is contained in a press release signed by the Commissioner for Lands, Mr Nnamdi Onukwuba and made available to newsmen. According to the commissioner, the exercise is aimed at ascertaining the genuine plot owners and to determine the current status of every allottee.
He said: “It is also to ensure that genuine plot owners receive the new digital Certificate of Occupancy, C of O, that will give their property ‘absolute legitimacy. “The ministry is, therefore, inviting all plot owners within the affected layouts to come forward with original copies of relevant documents, including proof of ownership for a revalidation exercise.
“The exercise is scheduled to run from June 25 to Aug. 13, 2018 from 9 am to 4pm (Mondays to Fridays).
“The exercise will cover Onitsha GRA, Trans Nkisi (Phases one to three), Akpaka Layout, Harbour Industrial Layout, Fegge-Nupe settlement, Niger Bridge Head, Niger Bridge Industrial layout and Nkwelle Ezunaka Agric lands.
“In Awka, the affected areas include Agu Awka, Iyi Agu, Ikenga and Ikenga Extension, Expressway Layout, Hill Top, New Town, Isiagu and Lockwood Layouts.”
Having a luxury hotel style within your home does more than just transform it into a cosy home. It emphasizes the fact that regardless of your budget, your home can be anything you want it to be especially if you have a soft spot for a lavish and pristine outlook.
Building a luxury home in Nigeria or any part of the world requires a budget that runs into millions. This is fine if you can afford it but if you are building, designing, decorating or renovating your home on a budget, here are proven tips that can help you achieve a cosy home without going overboard.
Give Your Bedroom the Lavish Touch Think back to all the nice hotels you have ever slept in. You should remember that the beds always take centre stage with matching pillows, curtains and bedding.
Most people tend to ignore their bedrooms especially because guests don’t get to see it but if you’re aiming for a luxury style bedroom and a cosy home, don’t ignore the bedroom.
Aim for a meticulous touch with your bedroom and be deliberate with every tiny detail. For your mattress, go for one that is supportive. Complement this with a layer of plump down pillows and fine cotton sheets. Consider making provisions for a down comforter to seal the look of a top-notch bedroom.
Clone a Spa in Your Bathroom The bigger your bathroom, the more creative and adventurous you can get with transforming this part of your house into a cosy home. The easiest way to this is to rely on your memory if you have ever spent time in a hotel with a luxurious bathroom.
What you want to achieve here is a bathroom that has a lovely shower curtain, plush towels, scented candles and a beautiful bathtub. Remember that the idea here is not to spend so much. Keep your spendings within what you can afford. There’s no point borrowing money from your friends or colleagues to install heated tile flooring or rhodium towel racks in your bathroom. This defeats the purpose of keeping it affordable.
Focus on designing a bathroom that is serene and functional. If you can afford a glass-enclosed walk-in shower, go for it. If your budget won’t accommodate this, channel your energy into other fine elements like a large mirror, high-quality bathrobes and a plethora of pleasant scents. You can even hang a ‘Do Not Disturb’ sign on the door of your bathroom if you want.
Take Control of Your Climate A cosy home not only looks cosy. it’s also imperative that they feel cosy. Find a way to regulate the temperature in your home in a way that it is never too hot or too cold.
A hot home will only leave guests fanning themselves as beads of sweat gradually build on their bodies. On the other hand, if your home becomes too cold, your guests can become so uncomfortable, they will struggle with concentrating on simple conversations.
Given Nigeria’s epileptic supply of electricity, a generator is a golden necessity. The average temperature in Lagos, for instance, fluctuates between 24 and 33 degrees. If you want a cosy home, you need an air conditioner in your home and not just one. For a heightened level of aesthetics, opt for split units.
Consider automating the process of achieving a perfect temperature in your home by using a thermostat. A thermostat automatically regulates temperature by activating a device when the temperature in your home reaches a certain point.
If your budget does not support a thermostat or an air conditioner, buy a ceiling fan or standing fan to regulate the temperature. You can complement this with blinds and shades to sunny windows.
Light Up the House A cosy home is not a dark or depressing. You’ll notice how well-lit luxury hotels are with chandeliers, mood lights and sconces. Your starting point should be your overhead lights. Take out outdated designs and replace them with modern alternatives that blend in perfectly with your rooms.
If you plan to use mood lighting with your overhead lights, remember to install dimmers in them. If your budget allows for something extra, consider adding some sconces over your framed arts and paintings Keep Your Space Organised You don’t have to hire a designer to hire a designer to arrange your space but you can take several cues from his/her work. Feel free to scroll through magazines on interior decoration, online galleries and several other online pages for visual inspiration. One thing that stands out in a home that is organised is that everything has a purpose. There is a deliberate effort to make everything in the house functional and purposeful.
Organised homes are devoid of clutter just as you would find in luxurious hotels in Nigeria. Things like decorative bowls and baskets are used to hide clutter.
You can spice up your rooms by adding lamps to you side tables on both sides of your bed or sofa. The principle of organising your home applies to every room in the house regardless of how big or small your space is.
Final Thoughts on Cosy Home Never forget that it is possible for you to clone a luxury hotel within the four walls of your house while keeping it affordable. Your budget should not be a hindrance to your ability to add a dash of glamour into your home.
A luxury hotel gives you that an opportunity to escape into its polished ambience, scented space and soothing space; to a point where it is worth every ‘kobo’ you spend on it. Why not transform your home into a space that offers you the same experience on a daily basis? Try these tips and open up your mind to be more creative with your space.
The impact of high mortgage interest on the nation’s housing delivery has continued to be a source of worry for operators. This is because of the importance of housing finance in improving coverage rate, which has unfortunately remained at a dismal 25 per cent.
Experts have insisted that housing finance is central to the nation’s economic development. Lack of proper attention by government, however, hampers access, reducing its contribution to the national Gross Domestic Product (GDP).
Currently, Nigeria’s mortgage banks charge between 19 and 24 per cent. And this could go higher, depending on the risk volume, which has affected the real estate’s potential as a goldmine for investors.
A visit to one of the mortgage banks at Adeyemo Alakija Street, Victoria Island, showed it offered an interest of 22 per cent to a younger subscriber with longer cash flow, and 24 per cent to an elderly person with lower cash flow, because he was closer to retirement. The interest rate at another on Broad Street, Lagos Island, depended on equity made available by prospective clients. For instance, a subscriber, who paid N5 million as equity for a mortgage facility of N10 million got a 20 per cent interest rate, while the one with N2 million equity for the same facility was charged 22 per cent.
At commercial banks, the rates are much higher, because real estate is categorised as a high-risk investment with interest rate at 22 to 23 per cent, depending on relationship with the bank.A major commercial bank at Adeola Odeku, Victoria Island, pegged its mortgage rate at 22 per cent. It based its offering on the high risk associated with recovery of real estate assets, which is always cumbersome because of delay in the nation’s justice system.
A senior official of the bank, who did not want to be named, said getting a single digit rate depends on several factors that include land cost and building and litigation cost, which could drag on for up to 10 years because of the right of appeal in court.
In developed economies, the mortgage industry makes significant contribution to economic development with a single digit interest rate. In Nigeria, however, this is not the case. The inflation rate and its attendant high mortgage rates impede demand for housing, and as a result, developers are not stimulated to build more.
This explains why mortgage’s percentage of GDP, till date, remains low at 0.5 per cent, leaving it several steps behind other emerging markets such as Mexico, Malaysia and South Africa, where mortgage contributions to GDP are as high as 10 per cent, 25 per cent and 29 per cent.
Should mortgages become cheaper to finance housing in Nigeria, supply would rise to meet the proclaimed 17 or 21 million housing deficits.Although the Federal Mortgage Bank of Nigeria (FMBN) is playing its role just like in developed countries, the large number of prospective subscribers overwhelms it. Right now, FMBN’s impact is about one per cent, because it is the only one offering single digit rate and does not have the fund to support everybody. Thus, its funding is limited to N15 million maximum. This, experts said, cannot buy a house at the prevailing market rate.
Our economy is the worst for it, as its contribution to the GDP is dismal, while countries like South Africa have an impressive record, said Debo Adejana, a real estate entrepreneur, who heads Realty Point Limited, one of Nigeria’s leading Mass Housing Development Company.
“An economy where people own property is usually very buoyant. If I am the owner of the property and paying mortgage, I will do my work well, because I don’t want to lose my job and affect my ability to pay my mortgage,” said Adejana.In a recent English Housing Survey (2017), 62.9 per cent of England’s nationals were owner-occupiers. This is in stark contrast to an estimate of less than five per cent for Nigeria. The high rate of ownership seen in England is for the most part attributable to a sound and efficient home mortgage system.
If government really wants to stimulate the economy, a reduction in the interest rate on mortgage loan would be a masterstroke. More people would embrace mortgage loan to buy houses, leading to increased activities in the construction sector.
According to Mr. Tayo Odunsi, Chief Executive Officer of Northcourt, a Lagos-based real estate investment solutions company, mortgages for 25 or 30 years are also available to citizens in England at less than five per cent interest rate, with a 10 per cent down payment. This figure (62.9 per cent), he said, is actually a 30-year low.
“Again, this is because a good number of English citizens are finding it harder to come up with the 10 per cent equity contributions to secure the mortgage. To aid this, the British government has stepped in with the Help to Buy scheme, which helps first-time buyers come up with 50 per cent of the equity contribution required. This action is expected to reverse the downward spiral of English home ownership,” said Odunsi.
Stressing that housing, like all other products, is ruled by demand and supply, he added: “World over, as demand increases, supply is encouraged and equally rises. In well-structured countries, housing, being a capital good, is ordinarily part-funded by mortgages. This makes demand and supply of housing both effective and progressive.”
The President of Mortgage Banking Association of Nigeria (MBAN), Mr. Adeniyi Akinlusi, believes prospects in the nation’s mortgage industry in the coming years are huge.Although he saw the prospect of single digit interest rate for mortgages as a tall order, considering the present economic realities, he said government is trying to stabilise the economy, which is seriously bringing down the inflation rate.Stressing that this cannot be done overnight, he said what is important is that the government is doing something and that results are seen in terms of growth in foreign reserves.
He added that with stability, investors’ confidence will return alongside more Foreign Direct Investments, and people would be able to make projections on what to invest in. This will definitely bring down the high mortgage interest rate.In a tacit acceptance of Akinlusi’s position, a mortgage banker, Mrs. Olusola Femi-Olukotun, said with mortgage rate staggering between 19 and 24 per cent, it is difficult for mortgage financing to play its expected role in housing delivery.
Blaming the high interest rate on economic factors and the rate at which banks lend money to mortgage bankers, she said when there is an inflation that is over a single digit, mortgage rate will not come down.She explained that private investors would first look at the inflation rate as a factor, and Nigeria may not get a single digit as obtained in other developed countries because it is still growing its economy, which is unripe for a single digit.“It is only the Federal Government that can support. But for individuals, they want to have returns on their investments and we can never have a single digit with the inflation rate now.”
She said there is the need for reduction in the interest rate, the inflation rate, and the Monetary Policy Rate (MPR) – an interest rate at which the Central Bank of Nigeria lends to commercial banks and other clients. “Right now, the MPR is put at 14 per cent, and mortgage rate cannot come down without government intervention.”
Adejana, on his part, noted: “Anywhere in the world, insurance companies are far bigger than banks. In Nigeria, banks are bigger, meaning that we are not yet tapping our insurance potential. On the pension fund, there are three million contributors and we have about N8 trillion, meaning that more money can be generated, if more people are made to contribute. That can be channeled to mortgages or secondary mortgage institutions to bring down the interest rate in the mortgage industry.”
Nigeria’s housing statistics Although the actual figure of the nation’s housing deficit is debatable, the Federal Mortgage Bank of Nigeria (FMBN) puts the current number at 17 million units.A breakdown shows that in 1991, Nigeria had a 7 million housing deficit, which increased to 12 million in 2007 and 14 million in 2010.Today, the housing and construction sector accounts for only 3.1 per cent of the country’s rebased GDP, while the total current housing production is about 100,000 units per year – in a country of nearly 174 million.
Nigeria will, therefore, need at least about 700,000 additional units each year to bridge the huge gap. For a country just coming out of a recession, meeting that sum is a tall order without the assistance of mortgage institutions. Limited access to finance, a major challenge to housing in the country, could be attributed to underdevelopment in the mortgage industry, as it generated less than 100,000 transactions between 1960 and 2009.
According to a World Bank Report (2008), the contribution of mortgage finances to Nigeria’s GDP is near negligible, with real estate contributing less than 5 per cent and mortgage loans and advances standing at 0.5 per cent of the GDP.This contrasts with the size of the mortgage finance share of the GDP of various countries. For instance, in the U.K., mortgage finance to GDP ratio is about 80 per cent; in the United States it is 77 per cent; Hong Kong has 50 per cent. Across Europe, the average is about 50 per cent. Malaysia has 32 per cent and South Africa 31 per cent. Many African countries, like Botswana and Ghana, have 2 per cent mortgage ratio to GDP.
President Muhammadu Buhari will sign the 2018 budget into law on Wednesday.
A presidential source told TheCable that the budget would be signed at 11am.
Last week Femi Adesina, special adviser to the president on media and publicity, had told state house correspondents that the president would give assent to the budget this week.
Two weeks ago, Udoma Udoma, minister of budget and national planning, said the president had not signed the budget because he was still studying it.
The two chambers of the National Assembly, on May 17th passed the 2018 budget totaling N9.120, 334,988,225.The budget is over N500 billion higher than the N8.612 trillion proposed by President Muhammadu Buhari to the joint session of the Assembly last year.
The Chairman, Senate Appropriation Committee, Danjuma Goje, said:”The increase was done after close consultation with the executive.”
The Ministry of Power, Works and Housing received N682,959,550,242; Ministry of Transportation, N251,420,000.000; Ministry of Defence, N157,715,439.613; Ministry of Agriculture and Rural Development, N149,198,139.0 37; Ministry of Water Resources, N147,199,614,645; and Ministry of Industry, Trade and Investment, N105,156,176,854.Ministry of Education got N102,907,290,833; Ministry of Health, N86,482,848,198; Ministry of Environment, N17,492,955,833; and Ministry of Niger Delta Affairs, N58,082,611,977.
The Federal Government’s special intervention programme got N150,000,000,000; grants and donor funded projects, N169,919,791,292; and zonal intervention projects, N100,000,000. The National Assembly, the National Judicial Council, the Universal Basic Education and the Niger Delta Development Commission (NDDC) also got approval for statutory transfer worth N139,500,000,000; N109,063,630,546; and N81,882,555,891.
Meanwhile, this week’s federal executive council (FEC) meeting has been cancelled.
This is due to the celebration of Sallah, marking the end of the Ramadan month.
Estate Surveyors and Valuers under the umbrella of the Nigerian Institute of Estate Surveyors and Valuers (NIESV), Kwara branch, have called on the state government to patronise local firms in order to boost economic activities in the state.
The state Chairman of the association, Mr Lanre Hassan, made the call in an interview with newsmen in Ilorin on Monday.
Hassan decried the institution’s non-patronage by the State government, adding that this had been one of its major challenges.
“Our major challenge operating in Kwara is that the state government does not patronise us.
“They prefer to patronise the charlatans and quacks who will under-value the properties and at the end of the day, such properties are not able to stand the test of time.
“In our profession, we have statutory jobs and non-statutory jobs; one of the things we do in our statutory duties is to bring the government to our confines but there has been some resistance.
“Look at the tenement rate, the law says you should value the property before collecting tax, but the government is not acting in line with the law.
“As law-abiding professionals, we do not want to be confrontational but this is posing a big challenge to our operations.
“We want government patronage so that we can contribute our human resources to both the physical and economic development of the state,’’ he said.
The chairman warned quacks in the profession to desist from valuation of property, adding that anyone caught would be made to face the wrath of the law.
Barley two weeks after donating 150 cars to the Nigeria Police, in yet another philanthropic gesture, the Aliko Dangote Foundation Monday, launched the Dangote village built for the Internally Displaced Persons (IDPs) in Maiduguri, Borno State capital.
The Dangote village in Maiduguri is a self sufficient set of 200 housing units worth N2 billion, with school, hospital, irrigation farms and poultry farms among others, to enable the occupants eke livelyhood. Dangote also gave each of the beneficiaries N100,000 to start a new life.
Speaking at the commissioning ceremony, chairman of the Aliko Dangote Foundation, Aliko Dangote said about N7 billion has been donated to support displaced persons affected by the Boko Haram crisis in the North-east.
Aside the N100,000 to start a new life, Dangote also pledged that the Foundation will take care of teachers’ emolument for five years and as well share in the burden of the ongoing educational revolution launched by the state governor.
Mr Dangote commended the governor, Kashim Shettima, saying he is able to run the state efficiently and pay salaries despite the security challenges.
A visibly elated Mr Shettima said the intervention was unprecedented and gargantuan by a single company, describing the Aliko Dangote Foundation as the fourth arm of government in the state.
Speaking at the commissioning ceremony, Mr Shettima reminded that the Dangote Group is the single largest employer of labour outside government in Nigeria.
“In every clime and in every dispensation, there are three layers of governments: the executive, the legislature and the judiciary. I dear to add that the fourth layer in Borno State is the Aliko Dangote Foundation. For the past seven years the Foundation has been consistent and hearkening to the yearnings and aspirations of people of the state,” the governor said.
He said the Dangote Village provided by the Foundation, though very massive, is a ‘tip of the iceberg’ compared to what the Foundation has done to support humanitarian relief in the troubled region.
“When Aliko Dangote came in 2016, he quickly pledged N2billion. We requested that half of the money should be used to supplying building materials and lo and behold within the span of two weeks all the materials were ready,” he added.
He said it was the support from the Foundation that enabled most of the displaced and malnourished victims of Boko Haram insurgency to survive. According to the governor, it was crucial to acknowledge the generosity of Aliko Dangote, adding that as far as he was concerned Mr. Dangote is the world’s biggest philanthropist.
He revealed that most of the beneficiaries are widows and children. “We call it Dangote village because it is a self-sustaining community with their own schools, clinics, mosques and livelihood,” he added.
He thanked all the donors, and added that Borno State is now opened for investors, saying it is more peaceful than Lagos and Abuja.
Speaking also, Baba Umara said 95 per cent of the beneficiaries were widows whose husbands were killed by the Boko Haram terrorists.
Mr Umara, a professor, is the chairman of the distribution committee for the new Dangote village.
He said the criterion for allocating a flat to the beneficiaries is to be a widow and having no fewer than five children.
While commending the president of the Dangote Group, he said the reconstruction effort was now on and that the infrastructural deficit was still huge.
He said the EU, UN and World Bank had estimated that the infrastructural deficit caused by the insurgency in Borno alone was around $6.9 billion.
He expressed optimism that with the kind of support from the likes of Aliko Dangote Foundation, the state will bounce back to normal before the year 2020.
In her remarks, the chairperson of the State Emergency Management Agency,Ya Bawa Kolo, expressed appreciation to the Foundation on behalf of the Internally Displaced Persons.
While commending the Foundation, she assured that only deserving persons are beneficiaries.Ten beneficiaries were selected for symbolic presentation of certificates of occupancy.
Speaking, Managing Director/CEO of Aliko Dangote Foundation, Zouera Youssoufou, said the foundation would not rest on its oars to support the victims of insurgency.
She said the philanthropic exercise was meant to complement the effort of both the state and the federal government. “We are supporting government reconstruction and rehabilitation effort,” she said.
Hajara Ibrahim, 26, a widow, who is also one of the beneficiaries, commended Mr. Dangote, adding that since her husband, Sani Abubakar, was killed a year ago by the Boko Haram terrorists, it has been very difficult to cater for the needs of her three children and six orphans.
Another beneficiary, Yagana MAdamu, 39, said the new village provided by Dangote will help her and her seven children start life again. The husbands of the two women were both members of the Multi National Joint Task Force(MJTF).
After the ceremony, the governor, Mr. Dangote and their entourage toured the 200 housing units to assess the facilities.
Along sun-splashed shorelines in the US state of Florida, home prices are on the rise, developers are busy building new complexes, and listings just blocks from the beach describe homes that are “not in a flood zone,” meaning no flood insurance is required.
But experts warn that ignoring sea level rise won’t prevent a looming economic crisis caused by water-logged homes that will someday become unsafe, uninhabitable and too costly to insure.
A reality check may come sooner than many may think, according to a report out Monday by the Union of Concerned Scientists, which finds as many as 64,000 coastal residences worth $26 billion in Florida are at risk of chronic flooding in the next 30 years, the life of a typical mortgage.
Across the United States, 311,000 coastal homes with a collective market value of about $120 billion in today’s dollars are at risk of chronic flooding by 2045, it said.
By century’s end, if current trends continue, more than $1 trillion in commercial and private US property may be at risk, “with Florida’s coastal real estate among the most exposed,” said the report.
And it’s not because of the increased risk of hurricanes or storm surge.
Rather, the danger comes from flooding due to hide tides — sometimes called sunny day floods, or nuisance flooding — when water pools into streets, sidewalks, storefronts and homes.
“This risk is relatively near-term, well before places go underwater completely, and even in the absence of storms,” said Rachel Cleetus, lead economist and policy director with the Climate and Energy program at the UCS.
Coastal real estate markets are not currently factoring in these risks, she told AFP.
“But market perceptions can shift and they can shift quickly in some places,” she added, describing a market correction as “inevitable.”
– ‘Slow-moving disaster’ –
To make the risks clearer to people, UCS released a searchable online map that shows where the risks are highest, available at www.ucsusa.org/underwater.
The online realty site Zillow provided data for the analysis but did not take part in the scientific research.
The projections use a high-end scenario for sea level rise because that is an “appropriately conservative projection to use” when estimating risk to homes, often people’s largest asset, Cleetus said.
Chronic inundation is defined in the report as flooding that happens at least 26 times a year.
By 2045, rising seas are expected to bring an extra 1.8 feet (55 centimeters) of water along Florida’s coast, according to the UCS report.
By 2100, Florida can expect an average of 6.4 extra feet of water — an awful lot given that the state’s average elevation above sea level is only about six feet, with many places three feet or below.
“This is a slow-moving disaster,” said Cleetus.
The low-lying Tampa Bay area, Miami and The Keys island chain face the most peril from sea level rise.
One worry is that insurance premiums will increase so much that coastal homes become unaffordable for those with fixed or lower incomes.
Local governments may decide to cut power and water to flooded neighborhoods.
Many will risk losing their largest financial asset -– their homes — and municipalities will forfeit huge amounts of revenue from property taxes.
In Florida alone, the “homes at risk by 2100 currently contribute roughly $5 billion collectively in annual property tax revenue,” said the report.
– ‘If it rains…’ –
The problem of outdated flood maps long predates US President Donald Trump, who has called global warming a hoax perpetrated by the Chinese, quit the Paris climate accords and rolled back environmental protections since taking office.
According to Desiree Companion, a certified floodplain manager employed by Sarasota County, the US government-issued flood maps that people consult when building or buying a home are decades old in many places.
During a free seminar at a local library this month, she said residents often tell her they don’t need flood insurance because they aren’t in a high-risk zone.
“If it rains where you are, you’d best be getting it,” she told the seven people gathered in a library meeting room, where most of the 50 seats were empty.
Federal flood maps are based on risk of a “100-year-event,” defined as 10 inches (25 centimeters) of rain falling in 24 hours, she explained.
Last year’s Hurricane Harvey dropped 51 inches over Texas in that amount of time.
“Everybody is in a flood zone,” she said.
– Who is to blame? –
Inaccurate flood risk information is just one of many factors fueling the crisis, said Jeffrey Huber, an assistant professor in the school of architecture at Florida Atlantic University.
“Nowhere is a realtor required to actually tell someone that the property they are purchasing is vulnerable to sea level rise,” he told AFP.
“Who is telling them that their property is vulnerable if not a realtor? If not an architect?”
Most developers know, and so do most municipalities, he added.
“The general audience isn’t necessarily educated enough to know.”
Solutions may be complex, but making significant cuts to greenhouse gas emissions would help, said report co-author Astrid Caldas, a senior scientist at UCS.
As much as 85 per cent of the property at risk might be saved if the Paris Agreement goals are met, limiting warming to a maximum of 3.6 F (2 C) this century, she said.
“The longer we wait to drastically reduce emissions, the less likely it is that we will achieve this outcome.”
As work progresses on the 1800 housing-unit Emotan Garden project, Project Manager, MIXTA Africa, Mr. Livinus Onunaku, has said that Edo is the only state in the Niger Delta, where they have had no record of disturbances on the project site.
Onunaku, who said this in an interview with journalists, noted “This is the first time we are working in a state where the governor has interacted with people like us. He expresses his joy and happiness at what we are doing and we feel satisfied working in Edo State. The first thing I told the governor when he came was that this is the first Niger Delta state, where we work and nobody has come to the site to disturb us.
He said nobody can do that in Edo State we are happy working freely in Edo State.” He said the firm was attracted to Edo State because the governor Godwin Obaseki administration has investment friendly policies that guarantee return on investment for investors. “We also observed how several investors are visiting the state to partner with the administration with testimonies on their investment. We are here to partner with the governor to improve the economic activities in the state.
Executive Chairman, Edo Development and Property Agency (EDPA), Ms. Isoken Omo said that the project will be completed in three years, but that the first phase, consisting of 200 units, will be ready next year, when people will be able to live in the property.
According to her, “The estate is designed to house semi-detached two-bed room and three-bedroom apartments. We have blocks of flat and terraces. There are service plots; on these, people can build by themselves in line with the agreed designs. With the service plots, once people buy, they can start building on it. This arrangement would quicken the overall completion plan. On the design of the estate, she said,
“For the service plots, there is a guide which covers density, which is number of people to live in the estate. The guide also provides for homogeneity, which shows that the estate is planned. We will not allow people to put up block of flat in an area considered as low density. Since it is a low-density plot, people can only be allowed to construct a one unit, or semi-detached unit with two families.
“If it is a high density, then people will be allowed to build blocks of flats, if it a medium density, it will be terraces. We are working with the Ministry of Physical planning and Urban Development, on the agreed plan so that when we are selling the plot, we will have an idea of what the people want to construct on the plot. It is expected that not less than 10000 jobs will be created by the project.
She said, “We are expecting over 500 to 600 persons to be engaged on site. Other indirect jobs would also be created. If we buy more tiles, windows, doors, and other materials required for the project from the local manufacturers, they will be employing more people as they expect to improve their production capacity. From all of these, between 10000 to 20000 jobs would be created.”
On the economic implications, she said, “A whole value-chain is being activated by this project. The plan of the governor was to make Edo State, a destination of choice for business, leveraging on the strategic location of the state. One cannot go to the north, east or west, without passing through the state at some point, whether by air, or by road, our plan is for people to pass and stay and do their business.”