THE Real Estate Developers Association of Nigeria (REDAN) and Shelter Afrique,have signed a Memorandum of Understanding on construction finance for the provision of 77,400 housing units to be equally distributed across the 774 Local Government Areas (LGAs) in the 36 states of the federation, including Abuja, the Federal Capital.
The deal was signed between the duo on the fourth and last day of the Abuja International Housing Show (AIHS).
Shelter Afrique is the only pan-African finance institution that exclusively supports the development of affordable housing and real estate sector development in Africa, and it has been into strategic partnership with indigenous organisations, with a lot of products and related services to support the efficient delivery of affordable housing and commercial real estate.
Disclosing further, the President/Chairman of Council, Alhaji Aliyu Oroji Wamakko, explained that the immediate focus of REDAN was to build at least 100 affordable housing units in each of the 774 local government areas of the federation, bringing the total to 77,400 housing units where it is feasible and viable.
According to him, collaboration with critical stakeholders towards actualising the project is underway.
“This will be implemented under our project tagged “Rural Urban Housing Initiative (RUHI-774).”
As an institution on the supply side of the housing delivery equation, the REDAN president said the association has marshalled resources, interfaced with critical partners in the housing value chain-the Family Homes Funds Limited and Shelter Afrique-to provide construction finance;
He added that that the Federal Mortgage Bank of Nigeria and the Primary Mortgage Banks under the aegis of their umbrella body, the Mortgage Banking Association of Nigeria (MBAN), as well as the Nigeria Mortgage Refinance Company have been interfaced with respect to Rent-to-Own and provision of retail mortgage facility to home-seekers who are contributors to the National Housing Fund (NHF) and others for mortgage origination.
“We are also in collaboration with the professional bodies in the built environment industry to achieve quality standards; and Building Materials Producers and Nigerian Building and Road Research Institute (NBBRI) to actualise our quest for a Nigerian house,” he said.
Wamakko disclosed that the association had also designed Expression of Interest Forms (EOI) with both hard and soft copies made available to the teaming home-seekers, who have expressed their interest.
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