AN alliance struck between the federal authorities and a private developer, Messrs Sparklight Property Development Company Limited has brought succor to contributors to the National Housing Fund (NHF) scheme and increased the housing stock by 196 housing units in Ogun State capital, Abeokuta
The scheme known as Rockview Housing Estate, close to Obasanjo Hilltop, adds to the total of about 3,000 housing units delivered through the NHF Scheme in Ogun State in 17 respective residential housing estates developed in conjunction with public and private estate developers.
Speaking at the commissioning of Rockview Estate and tour of Gateway-Sparklight Estate, Ibafo, last week, Minister of Lands, Housing and Urban Development, Dr. (Mrs) Akon Eyakenyi workers in Ogun State to avail themselves the opportunities presented by the NHF, which is fully subscribed to by 30 states of the Federation and the FCT. “It is on record that Ogun State has benefitted immensely by way of the investments of the Federal Mortgage Bank of Nigeria in terms of estate development loans as well as the very pocket-friendly NHF mortgage loans,” she said.
Eyakenyi stated that while home acquisition remains a highly capital-intensive endeavor, Nigerians of all income brackets can find confidence in the fact that contributing just 2.5per cent of monthly income opens access to a mortgage facility of a maximum of N15 million for a 30 year tenor that attracts just a 6 per cent interest rate. The NHF Scheme product is specifically designed for low and medium income earners in the formal sector and has been expanded to integrate the informal sector through cooperative societies in order to place affordable housing within the reach of all Nigerians.
To sustain the legacy of the NHF, she disclosed that her ministry has taken drastic steps to overcome the major hindrances to increasing Nigeria’s housing stock with the adoption of the National Policy on Housing and National Policies of Urban Development which prescribes a private sector-driven framework for housing delivery.