Minister of Housing and Urban Development, Ahmed Musa Dangiwa, has debunked the notion that only Nigerians working under the federal government can access the National Housing Fund (NHF).
The minister, who said this during a meeting with members of the Renewed Hope Multipurpose Cooperative Society Limited on a visit to his office, also called on the society and eligible Nigerians in the informal and formal sectors to take advantage of the programme.
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The minister, who disclosed the plan of the federal government under President Bola Tinubu to create a National Social Housing Fund, which he said is an insurance that seeks to promote housing as a fundamental human right, further explained that it is a programme whereby free houses are provided in the 774 local governments of Nigeria for citizens who do not have the means to own one.
Apart from the Renewed Hope Estates and Cities, the minister also suggested a subscription to the National Housing Programme to the cooperative society, saying that currently, they have houses under the programme in more than 20 states that were delivered by the last administration that are all processed in various states’ headquarters.
“Contrary to the notion that only Nigerians working under the federal government can access the fund from the Federal Mortgage Bank, the Act setting up the NHF states that every Nigerian, irrespective of the sector, either formal or informal sector, shall contribute 2.5 percent of his income to NHF for six months, after which he becomes eligible for a loan ranging from one million to fifteen million to buy a house, depending on affordability.”.
“We have already awarded the contract for the Renewed Hope Cities and Estates in 12 states nationwide, two states per geo-political zone and contractors have already been mobilised on sites to build a minimum of 250 houses that are affordable and organic in 1, 2, and 3 bedrooms,” he said.
He said under the loan, the cooperative could design the houses the members want according to their income, appoint a developer and if the criteria for providing the loan are met, FMBN will provide funding for the construction of the houses and after the houses are completed, the bank will package long term single digit of 6 percent National Housing Fund mortgage loan or rent to own for the members to enable them to own their homes and pay overtime as this signifies that the cooperative has offset its loan because it will be deducted from its members.
Earlier, the national coordinator of the Renewed Hope Multipurpose Cooperative Society, Taofeek Afolabi, expressed optimism that partnering with the ministry will enable members to benefit from the Renewed Hope Cities and Estates, assuring the minister that the members are economically active and can become homeowners through the mortgage.
“Our primary area of focus is homeownership for our members. We understand the challenges and how difficult it can be for the average Nigerian to own a home. This is why we intend to use this vehicle to make homeownership more accessible and affordable for Nigerians,” he said.
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