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FMBN To Assit FERMA Staff Own Dream Homes

The Federal Mortgage Bank of Nigeria (FMBN) has promised to assist staff of the Federal Roads Maintenance Agency (FERMA) realise their dreams to own houses of their own.

The Managing Director/Chief Executive Officer (MD/CEO) of FMBN, Arc. Ibrahim Musa Dangiwa, made the pledge during a courtesy call on the bank by the management of FERMA, led by its MD, Engr. Nurudeen Rafindadi.

The FMBN MD reiterated the bank’s readiness to work with FERMA towards providing the housing needs of staff of the agency who were among the National Housing Fund (NHF) contributors.

Arc. Dangiwa, therefore, called on FERMA to look into the various products and services of FMBN and decide on the ones that would be suitable for their staff, further explaining the available windows for contributors to access the NHF.

In his response, the MD of FERMA, Engr. Rafindadi, said the purpose of the visit was to build synergy between the two parastatals.

He said the agency also came to the bank to find out how it (FMBN) could assist on the housing needs of FERMA staff.    Source: Dailytrust

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NIA Names Cosgrove CEO ‘Real Estate Developer of 2019’

The Nigeria Institute of Architects (NIA), has conferred the Managing Director of Cosgrove Investment Limited, Mr Umar Abdullahi, with the institute’s “Real Estate Developer of the Year” award for this “rare genius, penchant for standards and leadership acumen” in his eventful decade-long real estate development career-

His organisation, Cosgrove, was separately honored in its for “excellence in smart cities development in the country.”

The awards were conferred by the Institute at its 2019 Conference and Expo tagged Archibuilt 2019, held in Abuja.

Discussing the significance of NIA’s recognition of Mr. Abdullahi and Cosgrove in their individual and corporate capacities, stakeholders agreed that a product bears the values prioritized by the producer.

Industry experts agree that Mr Abdullahi, who has the good fortune of being the first construction industry CEO in Nigeria to be honored alongside his organization deserves the merits in view of the ground-breaking strides he was able to score for the construction industry in Nigeria.

Chairman, Archibuilt Development Services, Arc. Jimoh Faworaja said the honor was conferred in recognition of effort made by Cosgrove in the country’s building – construction sector adding that honoring deserving real estate developers is an effective way of promoting the growth of architectural, engineering and design brands in the country.

Mr Faworaja, who is a former President of the NIA, noted that Archibuilt showcased Cosgrove for the company’s ability to “leverage on the use of innovative technology to tackle the challenges in this constantly evolving and growing building, development and construction sector, bringing global standards and practices to Nigeria.”

The Chief Executive Officer, Cosgrove Investment Limited, Mr Abdullahi who was represented by the Head of Marketing, Cosgrove, Chioma Ugwu, commended the NIA for the recognition and assured that it will continue to strengthen its departments in order to sustain the lead.

 

The Chief Executive Officer disclosed that Cosgrove continues to invigorate its Research and Development department, a policy he said helped the company to stay abreast of innovation and inventions in housing construction, adding that it is led by a core team of accomplished professionals.

Discussing the special features of Cosgrove’s latest offering, he said: “Smart people will definitely take advantage the innovations that typify the Smart Estates currently being developed by Cosgrove,” adding that the homes will feature latest innovations in housing security technology such as the Automatic Number Plate Recognition (ANPR) system and high definition security cameras that are smart.

According to the Chief Executive Officer, the ability of Cosgrove to transfer the ANPR security technology to Nigeria will sustainably address security challenges in homes and commercial buildings in the country while also addressing some of the challenges associated with road use.

While assuring that Cosgrove will continue to play crucial roles in automation of both residential and commercial structures in the country through proven methods; Ugwu noted that the organization is led by a core team of globally recognized professionals who have made their marks in housing technology.

“It is part of our corporate values to deploy systems that are uncommon in our milieu, proven and ready for tomorrow’s technology,” the Chief Executive Officer added.

Discussing the pedigree of Mr Umar Abdullahi, Ugwu said: “It is no longer news that under Mr Umar Abdullahi, Cosgrove continues to achieve set goals particularly the ability of the indigenous real estate investment organisation to take the lead of developing the first fully-automated super-smart estate in the FCT. She discussed the peculiarities of Cosgrove’s latest estates, saying that the homes reflect a combination of innovation, professionalism, intellectual vitality and youth strength.

Source: Premiumtimesng

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’95 Percent of Properties in Edo Have no Certificate of Occupancy’

The Edo Government has said that only 30,000 Certificate of Occupancy (CofOs) were issued by it in 50 years, which includes the period of Midwest State, Bendel State and the present Edo.

Mr Frank Evbuomwan, the Managing Director, Edo State Geographic Information Service (EDOGIS) told News Agency of Nigeria (NAN) in Benin on Sunday the issued C of Os covered only five per cent of the properties in the state, adding that EDOGIS was poised to change this. He said that the agency, which became fully operational in 2018, had so far issued no fewer than 1,200 C of Os, with a target to issue 10,000 in 2020 alone.

The official said that not only had the issuance of C of Os been digitised, the process had been made easier and also cheaper. According to him: “With less than seven weeks after making payment, you are sure to have your C of O.

“It comes at a reduced amount, a quarter of the several hundreds of Naira spent on the same certificate before now, depending on the size of the property. “We have digitalised the manual process of land administration in the state; EDOGIS has ensured efficiency and effectiveness in land administration in the state.

”So far, we have issued about 1200 C of Os, bearing in mind that we started about a year ago. “Unlike the features that characterised the former certificates, especially with the ability to easily fake it, this new one comes with a lot of features such that it will be extremely impossible to be faked. “It comes with a water marked features that you can barely see.

There is also a machine readable encode, among other features,” he said. The EDOGIS boss said that the agency, which is set up as a quasi-private sector driven government agency, had carried out the aerial survey of all the urban centres of the state.

He added that the aerial survey would be extended to the rural areas. “What this means is that we now have a graphical representation of what properties look like in the state, we are now tying that to the owners. “Our aim is to eliminate the grey areas to properties ownership in the state in the next few months,” he said. (NAN)

Infinity Trust Leads This Week’s NSE Watchlist

Stocks to watch, comprises the top gainers and losers from the previous week, as well as companies that are expected to have corporate actions this week.  

Stocks to watch is not a Buy/Sell/Hold recommendation. 

 Infinity Trust Mortgage Bank Plc 

Infinity Trust Mortgage Bank Plc takes the first spot in this week’s watchlistas the company will be holding a Facts Behind the Figures session today at the Nigerian Stock Exchange (NSE). 

While the company has not disclosed this in any form, firms usually hold such events when a fund raise or some other key development is at hand.  

 Tripple Gee Plc  

Tripple Gee Plc takes the second spot in this week’s watchlist, as the company will be holding its Annual General Meeting (AGM) today. AGMs are opportunities for management teams to unveil plans for the rest of the year.  

 UACN Property Development Company (UPDC) 

UACN Property Development Company has a spot in this week’s watchlist, as the firm was the best performing stock last week, appreciating by 51.52% to close at N1.50.  

Investors could decide to sell down their holding this week to cash in their profits. The rally in the stock was due to the news of UAC Nigeria divesting its holding in the firm to shareholders. UPDC will in turn divest its holding in a REIT, to its shareholders. 

 AIICO Insurance Plc  

AIICO Insurance Plc was one of the top gainers last week, hence its place on the watchlist. Investors took positions in the stock, once news of a potential investment by private equity firm, Leapfrog, was announced.  

While details of the price at which Leapfrog is taking a stake are unknown, from precedence, it would be at a premium to its current market price.  

 University Press Plc  

University Press Plc has a spot in this week’s watchlist, by virtue of being one of the top 10 losers for last week. The stock declined by 6.25% to close at a 5year low of N1.05. Players in this space have struggled and the stock could tank further, as there are no compelling reasons for an uptick.  

Source: Nairametrics

How CBN’s Mortgage Interest Rate Cap Removal Will Impact Housing Delivery

This might not be the best of times for prospective homeowners and developers, following the apex bank’s recent removal of interest cap rate on mortgage finance for primary mortgage banks in the country.

The impact of the action, housing experts said, could further increase interest rate charged by the banks and worsen accessibility to housing finance by Nigerians. Before the Nigeria Mortgage Refinance Company (NMRC) started the refinancing of some of the banks, interest rate rose to between ‘22 and 26 per cent’ but since the start of refinancing, most of the banks giving the loans were getting back to 17 and 17.5per cent rate in the market for commercial mortgage institutions.

Despite the existing order, most Nigerians couldn’t avoid taking home mortgages from PMI, which is one of the surest and easiest ways of owning your own home due to high interest rates. Statistics show that with over 17million housing deficit, less than 50,000 citizens have access to housing finance.

The mortgage market is a place where the lending institution directly loans money to the borrower, or the person seeking to purchase a house or property. The lender is responsible for drafting the contract and creating the terms of the loan. The Central Bank of Nigeria (CBN) had removed the interest rate cap regulation and lending fees for mortgage financing in the country recently. The bank said the move was due to “some implementation challenges” regarding the mortgage finance section of its 2017 “Guide to Charges by Banks and Other Financial Institutions in Nigeria.”

It stated that henceforth the section of the document that deals with mortgage financing has been amended, and now has the word, “negotiable” to replace the interest rate cap. “The CBN in 2017, issued the Guide to Charges by Banks and Other Financial Institutions in Nigeria, to moderate charges on various products and services offered by banks and Other Financial Institutions (OFl’s) in Nigeria.

“Our attention has been drawn to some implementation challenges in respect of Part 2 Section 2.1 .3 (Mortgage Finance) in respect of the maximum cap of MPR + five per cent placed on mortgage finance rates. The CBN after due consideration of the concerns of stakeholders, hereby amend Part 2 (A & B): interest Rate and Lending Fees “Subsection 2.1 .3” Mortgage Finance to read “Negotiable”. Please note that “subject to a maximum of Monetary Policy Rate + five per cent” is no longer applicable. This new provision took effect from September 9.”

On the implication of the new policy on housing, a mortgage bank operator who pleaded anonymity explained that the rate would now be determined by the risk profile of the intending customers or investors. The source explained that high-risk profile projects, would lead to higher interest rate while low risk projects would bring about a lower interest rate.

“Removing the cap would still mean that the market would determine the interest rate. In the interim, initially the rate would go up. This would help the mortgage banks to reduce their exposure and reduce non-performing loans. The interest rate will be market driven. “Customers with loan-to-value of greater than 70per cent would be required to access the Mortgage Guarantee Scheme. The cap was introduced in 2017 but wasn’t really enforced. In my opinion, this is removing a redundant guideline.”

In his views, a past president of the Nigerian Institution of Estate Surveyors and Valuers, Mr. Joe Idudu said the implication is to further kill the mortgage industry in Nigeria and reduce the effect of mortgage. “Instead of the apex bank moving the mortgage industry forward, the new policy means that the interest could be any amount now and so anybody could charge anything. That is most unfortunate because we really need to develop our mortgage industry so that young people could borrow and build at a sensible interest rate. The policy is saying that saying anybody who is providing money to loan could negotiate.

“I have always-express concerns about the housing deficit especially in our urban areas. It is obvious that the lack of an effective mortgage system is the cause of the entire problem in Nigerian housing sector. You can’t call a lending that is over 20 per cent interest rate, a mortgage. You can’t call a loan that is for between four and five years a loan. Mortgage must be over a long period of time.”He emphasised that the way to encourage every citizens to own their own homes is to ensure that there is an effective mortgage based on policy that works and the mortgage is made available to people once they have employment and paid salary regularly so that they deduct mortgage obligations at source.

He explained many of the developers executing projects with borrowed money but look forward to buyers may discover at the end of the day that many of buildings would remain untaken. He posited that if many buildings are left untaken that means new one would not come up.”Contributing, the past chairman of the Apapa branch, Nigerian Society of Engineers, Dr. Ombugadu Garba said the interest rate could be at lower rate than what is in operation if the operators could fine-tune it.He added that it would be a very good policy that could help civil servants and those who are sourcing funds for their mortgage houses if well implemented.

“Government should lay a good foundation that encourages people to borrow money and build house before retirement. The point remains that if you are bringing a policy, you have to anticipate the challenges that may arise in the cause of implementation. One problem of the civil servants is that when you are not sure of where to lie your head after retirement, is the root of corruption to get extra source of income through illegal means”, he stated.

Similarly, the President, Nigerian Institute of Building, Mr. Kunle Awobodu said mortgage financing was a brilliant idea when it was introduced but expressed concerns that the challenge for the housing sector has been on its implementation. He stated that the impact of the policy would be felt by the effectiveness in the implementation process by the operators.

Source: Guardianng

Again, FCT demolishes 30 houses in Mpape community

Threatens to terminate contracts in Galuwyi-Shere scheme

Determined to bring sanity to the Federal Capital Territory (FCT), the Department of Development control of the administration has demolished over 30 houses, shanties and other illegal structures in Mpape community in Abuja Municipal Area Council (AMAC).

The exercise has equally render over 60 families in the community homeless even as many were seen running helter-skelter to salvage the remains of their belongings, while others wept uncontrollably.The Guardian gathered that similar demolition was carried out in the area last year where over 20 houses were pull down.

One of the affected residents, Michael Ogbeh told The Guardian that he invested all his money in his building early this year, only for the department to demolish it in a matter of minutes.Ogbeh said that at present, his family have no other place to go take shelter, because the demolished property is all what he has and pleaded for assistance from individuals and government.

“In fact, I am confused, because I don’t even know what to do or where else to go with my family, as a result of this demolition. I must tell you that this is the only house I have in the whole of Abuja and it has been demolished.”He claimed to have acquired the land from a Gbagyi indigene in the area, through the community leader, adding that the chief of the community knows about all land business in his domain.

Speaking with newsmen at the end of the exercise, an Assistant Director of the Development Control Department, Oyewale Oyedola, explained that the demolition became necessary to create way for the construction of an approved layout/railway corridors that traverse the area.Oyedola, who monitored the demolition exercise, on behalf of his boss, Mukhtar Galadima, added that the residents were served necessary vacation notices for over three weeks before the demolition exercise.

Meanwhile, Federal Capital Development Authority (FCDA) has ordered the contractors handling infrastructural projects at the Galuwyi- Shere resettlement scheme in Bwari Area Council to complete work or have their contracts terminated.FCDA Executive Secretary Jubril Umar who gave the warning after the inspection of facilities at the scheme in Bwari, expressed displeasure over the poor handling of   access roads, electricity and water projects in the resettlement estate.

Umar also disclosed that the authority will soon begin the eviction of illegal occupants in the, stressing that the administration will soon commence the resettlement programme.He said that out of the nine communities earmarked for the scheme, Jabi Yakubu Community would be the first beneficiary.

While conducting the Executive Secretary round the site, FCDA Director of Public Buildings, Anthony Odigie explained that the project started in 2005 with the intention to build 2, 266 houses and by 2009 only 1400 were completed while others were at various stages of completion.

Odigie however said, due to problems such as the non-payment of contractors, litigations among others led to the dilapidation and vandalization of the completed houses until 2017 when FCDA began rehabilitation to make them habitable ahead of the resettlement.

Hos words: “The project started in 2005 with the intention to build 2,266 houses and by 2009 we had about 1400 completed, then others were at various stages of completion. So there were problems along the line, problem of payment and so on and those who have not completed their award left the site and then the houses were vandalized, those that completed became deteriorated.”

Earlier, Speaker of the Bwari Legislative Council, Julius Adamu called on the Federal Government and the FCT administration to provide basic infrastructure, including roads, water, electricity, schools and health facilities before the resettlement of the affected communities, noting that the present state of the camp was not descent for human occupation.

Source: Guardianng

FG Disowns Recruitment Adverts

The Federal Civil Service Commission (FCSC) has denied vacancy and job placement advertorials, saying the Federal Government has not declared vacancy and is thus not conducting any recruitment exercise.

The Permanent Secretary FCSC, Mr. Abel Olumuyiwa Enitan, said in a statement in Abuja that the recruitment adverts did not emanate from the government and should be ignored.

“The general public is hereby informed that the advertised recruitment did not emanate from the FCSC and therefore, is untrue.

Consequently, the general public is advised to disregard the announcement/statement on the purported recruitment.

Source: DailyTrustng

Weaker Naira, Oil Price Too Risky for Access Bank

One of the renowned rating agencies in the world, Moody’s Investors Service, has warned that Access Bank Plc, which it described as being solvent, could get into a serious trouble if the Central Bank of Nigeria (CBN) makes any attempt to devalue to Naira.

In a report titled Access Bank’s first post-merger results show solvency progress, a credit positive, Moody’s said a weaker local currency and declining oil prices at the international market are no way favourable to the tier-one lender because of its exposure to loans in the oil and gas sector.

“Access (Bank’s) asset quality remains vulnerable to an oil price decline or a depreciation of the Naira, the local currency, because of its high exposure to the cyclical oil and gas sector and foreign currency-denominated loans,” the report released on Thursday, September 12, 2019, stated.

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Business Post reports that in the report, Moody’s pointed out that 35 percent of Access Bank’s loan book was denominated in foreign currencies, “exposing the bank’s clients that do not earn foreign currency revenue to high risk of default on their foreign currency loans.”

It stressed that from the bank’s recently released half-year results for the period ended June 30, 2019, 30 percent of its gross loan was owned by customers in the energy sector, with these debtors also responsible for more than half of the bank’s Non-Performing Loans (NPLs).

However, the report said it was optimistic that Access Bank was capable of surviving the storm going by its post-merger performance.

In March 2019, Access Bank completed the merger with the defunct Diamond Bank, which had huge bad debts, but in the six-month financial statements, the lender cut its NPLs to 6.4 percent, despite absorbing a huge NPL portfolio of 40.4 percent from Diamond Bank, which were not fully provisioned for.

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According to Moody’s the NPL ratio of the newly merged institution dropped from 14.1 percent as of January 2019 to 6.4 percent as of June 30, 2019, with the agency saying that the bank increased its covering for NPLs which would allow it to take out more bad debt in the coming future.

“A lower NPL ratio will provide the bank with room to grow its assets, supporting revenue growth,” the rating company stated.

Also, Moody’s said it observed that Access Bank’s net value reduced from 10 percent to nine percent, implying a one percent reduction in the size of what a shareholder can receive when the commercial lender’s total assets are deducted from its total liabilities – an indication of the bank’s value.

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The report noted that the expected net value of shareholder equity to asset ratio of a financial institution of Access Bank’s standing should be a minimum of 13 percent.

It added that the lender’s Net Interest Margin (NIM) improved from 5.6 percent to 7.6 percent between June 2018 and June 2019, indicating an improvement in the investment decisions of the bank when compared to its debt standing.

Source: businesspostng

U.S Mortgage Rates Rise as Geopolitical Risk Abates

Mortgage rates were on the rise in the week ending 12th September. 30-year fixed rates rose by 7 basis points to 3.56%, partially reversing a 9 basis point fall in the week prior.

In spite of the rise, 30-year rates continued to sit at levels last seen in November 2016, according to figures released by Freddie Mac.

Compared to this time last year, 30-year fixed rates were down by 104 basis points.

More significantly, 30-year fixed rates are down by 138 basis points since last November’s most recent peak of 4.94%.

Economic Data from the Week

Through the first half of the week, economic data was on the lighter side. July JOLTs job openings and August inflation figures provided direction.

On Tuesday, while job openings eased slightly, a pickup in quit rates continued to reflect solid labor market conditions.

While the markets continue to price in a FED rate cut next week, there was also a pickup in inflationary pressure in August. The core Producer Price Index rose by 0.3%, month-on-month, which was better than a forecast of 0.2%. In July, the index had fallen by 0.1%.

While the stats were positive for Treasury yields, it was a shift in sentiment towards the U.S – China trade war that delivered a pickup in yields and ultimately mortgage rates.

Freddie Mac Rates

The weekly average rates for new mortgages as of 12th September were quoted by Freddie Mac to be:

  • 30-year fixed rates increased by 7 basis points to 3.56% in the week. Rates were down from 4.60% from a year ago. The average fee remained unchanged at 0.5 points.
  • 15-year fixed rates also increased by 9 basis points to 3.09% in the week. Rates were down from 4.06% from a year ago. The average fee fell from 0.6 points to 0.5 points.
  • 5-year fixed rates rose by 6 basis point to 3.36% in the week. Rates were down by 57 basis points from last year’s 3.93%. The average fee fell from 0.4 points to 0.3 points.

According to Freddie Mac, pipeline purchase demand continues to pick-up, with purchase mortgage applications up by 9%, year-on-year.

Rising demand reflects the healthy underlying consumer economic fundamentals including a low unemployment rate, solid wage growth, and low mortgage rates.

In spite of a weakening in the manufacturing sector, consumer sentiment has remained resilient, supporting strong home purchase demand.

Mortgage Bankers’ Association Rates

For the week ending 6th September, rates were quoted to be:

  • Average interest rates for 30-year fixed, backed by the FHA, decreased from 3.80% to 3.76%. Points decreased from 0.32 to 0.31 (incl. origination fee) for 80% LTV loans.
  • Average interest rates for 30-year fixed with conforming loan balances fell from 3.87% to 3.82%. Points increased from 0.34 to 0.44 (incl. origination fee) for 80% LTV loans.
  • Average 30-year rates for jumbo loan balances decreased from 3.94% to 3.84%. Points rose from 0.24 to 0.34 (incl. origination fee) for 80% LTV loans.

Weekly figures released by the Mortgage Bankers Association showed that the Market Composite Index, which is a measure of mortgage loan application volume, rose by 2% in the week ending 6th September. In the week ending 30th August, the Market Composite Index had fallen by 3.1%.

The Refinance Index increased by 0.4% in the week ending 6th September, leaving the index up by 169% from the previous year. The Index had tumbled by 7% in the week ending 30th August.

The share of refinance mortgage activity decreased from 60.4% to 60.0%, following on from a fall from 62.4% to 60.4% in the week prior.

According to the MBA, the continued fall in mortgage rates over the holiday season left rates close to 3-year lows. While refinances were unchanged, August had been the strongest month for the current year.

For the week ahead

It’s a busy first half of the week ahead.

Key stats include September’s NY Empire State Manufacturing Index and August industrial production figures on Monday and Tuesday.

We can expect some sensitivity to the numbers ahead of a particularly important session on Wednesday.

While economic data due out on Wednesday is limited to August building permits and housing starts, the FED will deliver its interest rate decision.

The markets have priced in a 25 basis point rate cut. Recent stats suggest that there’s no reason for a more aggressive cut.

Assuming the FED cuts by the 25 basis points, the economic projections, rate statement and press conference will have the greatest influence.

A dovish rate cut would lead to a reversal in Treasury yields and mortgage rates. Based on the stats and FED Chair Powell’s last speech, the projections should show that FOMC members expect the U.S to avoid a recession.

A hawkish rate cut would give mortgage rates another boost, assuming that there are no major geopolitical events to rock the boat.

This article was originally posted on FX Empire

Bernie Sanders Teases $2.5 Trillion Housing Plan

Democratic presidential candidate Sen. Bernie Sanders announced highlights of his national housing plan during a speech Saturday, emphasizing renter protections and investments in affordable housing.

The plan will cost approximately $2.5 trillion over the next 10 years, the Vermont independent said during a speech in Las Vegas, acknowledging that it is “expensive.”
Sanders said he will call for a national rent control standard, “capping annual rent increases throughout the country at no more than one and a half times the rate of inflation or three percent, whichever is higher,” he said.
Sanders did not offer specifics on how he would pay for the plan aside from raising taxes on “the top one-tenth of one percent” of American households. He stressed that under his housing proposal, “99.9 percent of Americans will not see their taxes go up by one nickel.”
He noted that his late mother’s dream — that their family would move out of their rent-controlled Brooklyn apartment and into their own home — never happened.
“But during her life, at least our family was always able to afford a roof over our heads, because we were living in a rent-controlled building, which meant that for our family and all the other families in our building, rents could not be arbitrarily raised,” he said.
Sanders also announced that he will expand the National Affordable Housing Trust Fund and create an additional two million units of mixed-income housing, which he said would “create many, many good-paying union jobs.”
He would fully fund the Section 8 rental assistance program and establish anti-discrimination protections for program recipients against landlords, he said.
Sanders called to invest more than $32 billion over the next five years to address homelessness, $70 billion to repair and grow public housing, and $50 billion in state and local grants to create community land trusts.
He also called for empowering localities “to go even further to protect tenants from the skyrocketing price of housing” and to “require real estate developers to include affordable housing in the construction of new developments.”
Source: CNN
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