The Federal Government has allocated N100 billion in the 2023 supplementary budget to kick-start Phase 1 of the Renewed Hope Housing Projects and Slum Upgrading Programme. This funding will enable the construction of 34,500 housing units in 30 states, along with the upgrade of 26 slum sites across the country.
The Renewed Hope Cities will focus on inclusivity, offering a mix of one, two, and three-bedroom affordable bungalows, multi-level flats, terrace and detached bungalows, and duplexes to cater to a wide range of income earners. High-end buildings will be sold at commercial rates, while affordability and quick off-take of the houses will be ensured through various ownership options, including mortgage loans, rent-to-own schemes, public rental, and outright sale.
The slum-upgrading scheme will provide essential services such as water supply, solar streetlights, rehabilitation of access roads, construction of drainages, and waste management and sanitation services. These improvements aim to enhance living conditions and promote sustainable development in these communities.
Housing and Urban Development Minister Ahmed Dangiwa expressed his gratitude to President Bola Tinubu for his commitment to addressing the country’s housing and urban development needs. The N100 billion allocation demonstrates the government’s dedication to improving the lives of Nigerians and creating more livable and sustainable communities.
Also Read: The Nigerian Mortgage Sector Needs the Political will of President Bola Ahmed Tinubu- HDAN
The implementation of the Renewed Hope Housing Projects and Slum Upgrading Programme is expected to commence before the end of the year, marking a significant step towards fulfilling the government’s vision for improved housing and urban development in Nigeria.
Source: AfricaHousingNews
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