The Association of Housing Corporations (AHCN) is set to honour the Federal Government Social Housing Initiative, Family Homes Funds Limited (FHFL) for the impact it has made in the area of affordable housing delivery in the past one year.
Family Homes Funds Limited was created by the Federal Government and became fully operational in 2018 with the mandate to provide homes for families on low-income with the complimentary responsibility of creating jobs and promoting local production of building materials.
Speaking with Africa Housing News, the Executive Secretary of AHCN, Mr Toye Eniola said that this mandate has been fully carried out by FHFL despite the obvious challenges of paucity of funds, high cost of building material, high labour cost, inflation and others facing housing development in the country.
It can be recalled that earlier this month, Family Homes Funds Limited announced strong performance for the year ended 2021 after its audited financials were released at the Annual General Meeting (AGM) held in Abuja recently.
According to the financials, profit before tax grew by 334% compared to 2020 and stood at N2.72bn whilst revenue grew by 98% to N4.8bn.
The AHCN also secretary also noted that FHFL has impacted the lives of Nigerians positively by creating about 83,883 jobs, completing the building of 15,793 housing units whilst the construction of over 21,000 housing units are still ongoing based on information available to the association.
The AHCN also praise FHFL for its continued partnership with various organizations as it charts the course for affordable housing in the country.
It was noted that one of such partnership with Cooperative Mortgage Bank (CMB) has since January 2022, created home ownership opportunities for at least 432 families in four estates in Nasarawa, Delta, Kaduna and Kano.
Mr Toye also noted the excellent working relationship and partnership of FHFL with notable professional organizations like the Nigerian Institute of Town Planners (NITP) and the AHCN.
He added, “Although Family Homes Funds may not have delivered the 500,000 housing units in its mandate, considering the prevalent economic realities of the country; high cost of labour, building materials, difficulty of getting lands, forex that affecting the cost of everything in the country, Family Homes Funds must be commended for the level of achievements the organization was able to attain this past year.”
FHFL was also lauded for its various initiative notably its Rent-to-Own Products that gives about interest free loan for up to five years to pay up 40% equity of home cost for prospective home owners.
Information available to Africa Housing News reveals that Family Homes Funds will be honoured by AHCN with the special award during the 6th International Housing Conference slated for 1st to 3rd November, 2022 at the Landmark Event Centre in Lagos.
Also to be honoured at the high powered event are the Governor of Lagos State, His Excellency Babajide Sanwo-Olu, Brains and Hammers , Post Service Housing Dev Co. Ltd, Federal Housing Authority (FHA), Lagos State Development and Property Corporation, Hon Agu Chukwumelie, the Managing Director, Enugu State Housing Development Corporation, Mr Femi Adewole, Former MD of Family Homes Funds and Mr Festus Adebayo, Executive Director of Africa’s Foremost Housing Advocacy Group, Housing Development Advocacy Network (HDAN).