FHFL Commits Over N19.9 Billion To Provide 2,754 Low-Income Families With Homes In 6 States
Nigeria’s largest social housing fund, Family Homes Funds Limited (FHFL) is announcing an investment of over N19.9bn across 6 states in Nigeria, for the development of 2,754 homes for low-income families, in partnership with the respective state governments, private developers, and a Women Housing Society in Kaduna.
The 2,754 homes which are spread across the states of Akwa Ibom (650 units); Enugu (250 units); Kebbi (620 units); Zamfara (600 units); Kano (500 units); and Kaduna (134 units) will enable thousands of low-income families own their own homes.
The construction process, which has started and scheduled for completion by April 2023 will provide a range of housing types, especially 2 and 3 bed semidetached homes.
In addition to the homes, the investment will create at least 11,016 jobs (professional, skilled, and unskilled workers). Further impact on local economies is expected due to a requirement for the projects to prioritize the use of local materials.
Developed with a full range of infrastructure including health care centers, schools, markets, and recreation areas, the programme is creating homes for civil servants, artisans, traders, cooperatives, and local people on low-income. The investment in Kaduna is a partnership with the Adashe Women Housing Society – to provide 134 new homes for women on very low-income including widows, market women etc. as part of a wider commitment to promoting access to housing for disadvantaged groups.
Speaking on the Investment, the Managing Director of Family Homes Funds, Mr. Femi Adewole said:
‘’This programme is being implemented under the National Mass Housing Programme, an initiative of the administration of His Excellency President Muhammadu Buhari as part of the administration’s commitment to improving the quality of life of Nigerians on low income and creating much needed jobs for local people. We are delighted to be collaborating with State Governments and private developers to help 2,754 families own their homes at a price they can afford. We continue seek partnership with other State Governments to ensure equitable spread of the programme.
‘’We are particularly excited about the opportunity for collaboration with the Adashe Women Housing Society in Kaduna. Unfortunately, women continue to experience significant barriers to accessing housing on their own. In many of our cities, landlords will often refuse to rent a home to a woman without a husband. Even worse, it is still a common occurrence for women to be forced to leave the family home with their children if their husband dies because their names are not on the title or lease documents.
‘’This partnership with Adashe will ensure that 134 women can own their own home and a secure and safe place to raise their family. It is a partnership we hope to grow across various states of the Federation.”
All the homes upon completion will be sold to the low-income beneficiaries including civil servants and the members of the public with repayment periods of up to 15years with monthly repayments from N25,000.
As a result of several militating factors including poor funding, most of the states in Nigeria face serious challenges with adequate and affordable housing for much of the low-income population.
Family Homes Funds, established by the Federal Government of Nigeria under the leadership of President Muhammadu Buhari is intervening in this regard through affordable housing investment to also help reduce poverty by strengthening the capacity of the market and the partners.
This investment and partnership – the latest of FHFL’s numerous commitments – mark an important step towards the government’s mission to deliver up to 300,000 new homes for Nigerians with the most need for them, especially the most vulnerable groups including older and disable people with support needs.
FHFL is currently working with State Governments and private developers across the country to facilitate the construction of affordable homes for people on a modest income, who can also offtake these homes with financial assistance from FHFL’s Help To Own Programme. The Fund has now completed up to 13,543 homes across nine states, and another 20,640 commencing building works in 2022. These affordable housing developments have created more than 64,000 direct and indirect jobs, helped attract businesses to the areas, and build local wealth.