The World Bank has pledged its support to the Kenyan government in delivering the 500,000 affordable housing project which is in line with the government’s Big 4 agenda.
Carlos Felipe Jaramillo, World Bank’s Kenya Country Director confirmed the reports during a World Bank organized forum that explored innovative measures to expand the fast growing Kenyan cities and said targeted incentives are important in promoting investments in homes for the low income bracket.
“We are ready to assist the Kenyan government deliver on its affordable housing agenda. Targeted incentives are required to promote investments in homes for the low income bracket,” said Jaramillo.
Affordable Housing units
Jaramillo further added that implementation of the government’s big four agenda on affordable housing is key to hasten urban renewal and spark economic prosperity in Kenya.
“The housing agenda is a timely intervention and a catalyst for growth. The government should therefore create conducive environment to facilitate deployment of green technologies that poorer segment of the population can use to build homes,” said Jaramillo.
James Macharia, Kenya’s cabinet secretary for housing and urban development pointed out that the government intends to develop 500,000 homes by 2022 through innovative financing. The project according to Macharia will dependent heavily on domestic resources mobilization.
The housing units will be divided into a social housing costing a maximum of US $6,000, a bedsitter housing plan costing a maximum of US $8000, a 2-bedroomed for US $10,000 and a 3-bedroomed for US $20,000. Currently, due to financing regulatory hurdles, 50,000 units out of the 250,000 demanded housing units are being developed annually.