AS part of its effort to support the Federal Government’s Economic Sustainability Programme, the Central Bank of Nigeria (CBN) has announced a N200 billion mortgage finance loan to Family Homes Fund (FHF) Limited targeted at low-income earners across the country.
A statement on the apex bank’s website, Tuesday, indicated that the financing initiative will be used to build 300,000 homes in all states and the Federal Capital Territory (FCT), Abuja. It is also expected to generate about 1.5 million jobs in five years.
“The programme will house up to 900,000 children and adults (at an average of three persons/home) on a low income with direct impact on health, education and economic outcomes. Most of these would currently live in informal settlements with shared facilities in unsanitary environments,” the statement read.
The framework for the implementation of the fund indicates that it would be released to FHF on project basis subject to the cumulative maximum limit of N200 billion. The framework the bank explains shall be subject to review from time to time as may be deemed necessary, the bank stated.
According to the framework, the three-year term loan will enable FHF finance the construction of social housing units for people on low income at an interest rate not more than five per cent per annum (all inclusive).
“In that regard, the programme will deliberately aim to revitalise local manufacture of construction materials, including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks, etc. For example, it is estimated that the programme will require up to 1.7 million doors, seven million door hinges and locks among others,” the apex bank stated.
While the initiative is to be implemented in collaboration with Family Homes Fund (FHF) Limited as the lead developer, the CBN shall appoint a technical advisor to, among others, appraise the requests for funding by FHFL, recommend for the release of funds and monitor the delivery of the programme and utilization of funds including quality of the portfolio.
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