FG Begins Roll-out Of 10,000 Houses For Low Income Earners

BY ABU IDRISU:

The Federal Government has officially begun the roll-out of the first phase of its 10,000 mortgages under the affordable home ownership scheme.

The project, to be spearheaded by the newly established Nigerian Mortgage Refinancing Company(NMRC) would enable Nigerians to own their houses at affordable rate.

The minister of finance, Dr Ngozi Okonjo-Iweala, while speaking yesterday at the event in Abuja said with the flag-off, low income earners would begin to have the opportunity to own their houses under a flexible payment package.

Findings revealed that under the housing scheme, a unit of two bedroom apartment might be sold for between N4.5million and N7.5million depending on the location, while that of a three- bedroom would be sold from N8million.

The minister said unlike in the past where it was difficult for Nigerians to own their houses through affordable mortgages, the process had been simplified.

For instance, she said that under the new framework, the processing time for application for the mass housing project had been reduced from between six and 18 months to just six weeks.

She said with the launch of the NMRC in January, and its subsequent take off in June, the key barrier of finance to developing accessible and affordable housing in Nigeria had be removed.

She said: “We want Nigerians to own their houses at affordable cost The NMRC mission is to provide long term funding for the housing sector.

“Since the ability of banks in providing mortgages is limited by the fact that 80 per cent of all and deposits are on 30 day period which does not ensure great level of sustainability in providing resources for the housing sector, the NMRC is here tenure greater access to for financing of up to 10 to 15 years.

“So instead of people not being able own houses as they would have to pay up in 12 or 18 months, we are changing that now so that for 10 to 15 years, people can be able to pay for their own houses.”

Also speaking at the event, the minister of lands, housing and urban development, Mrs Akon Eyakenyi, said the roll out was a significant step in the federal government’s bid to reduce housing deficit.