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17 million housing deficit

FG mulls workers’ estates as developers unveil mass-housing projects

The Federal Government has concluded plans to float a mass-housing scheme for public sector workers in states in order to reduce the housing problem in the country.

“Coming under a public private partnership, implementation of the scheme has reached an advanced stage. The project will be completed in the next three years.”- The Guardian

Minister of State for Power, Works and Housing Mustapha Shehuri revealed the project during the commissioning of a 252-unit housing in Karu, Nasarawa State, financed by Federal Mortgage Bank of Nigeria (FMBN), developed by Lape Nigeria Limited.

He noted that a National housing model has already been designed and approved for each geopolitical zone. The model takes care of our socio-cultural and climatic diversities in our choice of house type, promotion of standardisation, as well as the use of local building materials.

This according to the minister will translate to affordability of housing for Nigerians and will also create employment opportunities for our teeming youths currently unemployed.

He also reiterated the commitment of the present administration towards supporting the ideals of the National housing programme and FMBN for its effort in stepping up to the challenge of housing deficit by participating in the supply, as well as the demand sides of housing finance.

Also speaking, the Acting FMBN Managing Director, Mr. Richard Esim said it has also disbursed N62.6 million to 86 public servants of the Nasarawa State government under its FMBN home renovation loan product.

Meanwhile, Shelter Origins Nigeria has commenced work on its N250 million housing project in satellite town of Abuja, Federal Capital Territory.

The Executive Director, Mr. Ezekiel Ojo told The Guardian that “Shelter Origins is working towards constructing 50 units at Loko, but would use 20 as promo, and these would be for the people who will live in the estate and not for moneybags.”

Ojo disclosed, “in 2007, we flagged off affordable housing drive using the construction of 119 units in MTN Estate, Karu in Nasarawa State at the cost of N1.1 million for 2-bedroom apartment, which repayment is gradually coming to an end in September, 2017.”

He however, regretted, during the 10 years of house deal, the homeowners owed Shelter Origins at least N22 million, this is because of economic recession and some have lost jobs, while others retired from the service.

“Initially, we went into an agreement that any homeowner that defaulted in payment for three months, we shall repossess our property and at least five houses have been reclaimed. Certificate of Occupancy, C-of O, is now ready for those who have completed payment.”

“Due to this experience, we have reduced price of two-bedroom apartment from N7.5 to N5.6 million and have down payment from N3 to N1.5 million, while the repayment period have been extended from three to five years. We want owners to live there. That’s why we reduce the price,” he added.

The executive director maintained that they have demonstrated a high skill in affordable housing development and management and the new project is for working class in Abuja and its neighbouring states.

Source: The Guardian

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