The Federal Housing Authority (FHA) has commenced the execution of the proposed 300,000 mass housing programme initiated by the federal government under the Economic Sustainability Plan in Bwari, Abuja.
The FHA, in partnership with Family Homes Funds, would build 1,000 homes for low-income earners under the programme.
This was made known during the signing of a Memorandum of Understanding (MOU) by the two agencies in Abuja last week.
The Managing Director of FHA, Senator Gbenga Ashafa, said the memorandum was to ensure that the construction of 1,000 housing units in Bwari, Federal Capital Territory (FCT), commences next month, November 2020.
“The project is targeted at low and middle-income earners. To start with, we are looking at 1000 housing units and for now, the lowest three-bedroom is going to be N3.5 million, according to the FHA and Federal Mortgage Bank of Nigeria (FMBN’s) discussions.
“For now, the funding of the project will come from the Family Homes Funds Limited, but we are leaving the land as our own equity; our contribution is the land,” he said.
Ashafa added that the partnership would also generate thousands of jobs for professionals, labourers, artisans, suppliers, food vendors, transporters and several others in the value chain.
The Managing Director, Family Homes Funds, Mr Femi Adewole, said the partnership came about because FHA had more land than any other institution for housing in the country.
He said the project would produce houses as low as N2 million to Nigerians, adding that when it kicks off, it would also provide 1.8 million jobs for women and young Nigerians.
“For that, the Central Bank of Nigeria (CBN), through the Federal Ministry of Finance, has made available an initial capital of N200 billion towards the execution.
“What we want to do is to deploy some of that capital into sites that are owned by the Federal Housing Authority to produce homes for Nigerians on very low income.
“I want to say that those homes are targeted at the people that can buy for N2 million for the one-bedroom homes, then about N2.5, N2.75 million for the two-bedroom homes and N3.5, N3.25 million for the three-bedroom homes,” he added.
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