✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live
SPONSOR AD

Stakeholders harp on agreeable definition for affordable housing

Participants that attended the 2016 affordable housing summit held recently in Abuja have called for an agreeable and acceptable definition of affordable housing by all…

Participants that attended the 2016 affordable housing summit held recently in Abuja have called for an agreeable and acceptable definition of affordable housing by all stakeholders in the country.
This was contained in a communiqué issued at the end of the 2-day event  organised by the Federal Ministry of Power, Works and Housing (FMPW&H), in collaboration with German Development Corporation (GIZ) and some indigenous corporate bodies (especially real estate developers) in the housing sector with the theme  “Developing a Blueprint for Affordable Housing Delivery in Nigeria”.
They participants noted that the indices that should be used for defining  affordable housing should include segregation, stratification, classes of people and their income brackets, “not more than one-third net household income of the target group, not individual income alone and equity contribution of end-users.”
The communiqué also urged both federal and state governments to reduce the cumbersome process of land acquisition and titling to ease housing construction.
Also, the participants recommended that there should be development of sectoral policies on affordable housing in consonance with the provisions of the various Acts and Bills on land utilization for housing.
Towards this end, the summit directed that the various bills on land for the construction of houses in the National Assembly (NASS) should be reviewed and finalized as soon as possible.
It also stressed the need to proffer local solutions to mortgage financing by considering generational mortgage financing where tenor could be extended beyond the original mortgagee for continuity; and  maintaining  the single digit interest rate in mortgage loan even if it required subsidizing for the low income earners.
The communiqué also read: “Recapitalize the Federal Mortgage Bank of Nigeria and enforce the National Housing Fund (NHF) contribution as enshrined in the enabling Act. The need for PENCOM to invest a sizeable part of the pension funds, dormant assets of banks and unclaimed dividends in Primary Mortgage Products; the need to put in place the appropriate construction financing schemes including funding sources for multilateral schemes.’’
The affordable housing summit participants also  urged stakeholders to join the ministry in liaising with the National Assembly to fast-track the amendment of the relevant laws already submitted such as foreclosure, mortgage and insurance laws among others.

LEARN AFFILIATE MARKETING: Learn How to Make Money with Expertnaire Affiliate Marketing Using the Simple 3-Step Method Explained to earn $500-$1000 Per Month.
Click here to learn more.

AMAZON KDP PUBLISHING: Make $1000-$5000+ Monthly Selling Books On Amazon Even If You Are Not A Writer! Using Your Mobile Phone or Laptop.
Click here to learn more.

GHOSTWRITING SERVICES: Learn How to Make Money As a Ghostwriter $1000 or more monthly: Insider Tips to Get Started. Click here to learn more.
Click here to learn more.

SECRET OF EARNING IN CRYPTO: Discover the Secrets of Earning $100 - $2000 Every Week With Crypto & DeFi Jobs.
Click here to learn more.