An N19.9 billion investment to construct 2754 homes for low-income families across six states, was announced by Family Homes Funds Limited (FHFL), Nigeria’s largest social housing fund. It is said that the investment was made in partnership with the various state governments, private developers, and a Kaduna-based women’s housing society.
Thousands of low-income families will be able to own their own homes thanks to the 2754 residences distributed among the states of Akwa Ibom (650 units), Enugu (250 units), Kaduna (134 units), Kano (500 units), Kebbi (620 units), and Zamfara (600 units). According to the firm, construction of 2754 homes for low-income families has begun and is expected to be completed by April 2023, with a variety of housing types, including 2 and 3-bedroom semi-detached residences.
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The 2754 homes for low-income families project’s benefits to the local people
Mr. Femi Adewole, Managing Director of Family Homes Funds explained that all homes, with a complete spectrum of facilities, including health care centers, schools, marketplaces, and recreation areas, would be sold to low-income individuals, including civil servants and members of the public, with payback terms of up to 15 years and monthly installments starting at N25,000.
The investment will also generate at least 11,016 employment opportunities, in addition to the homes. The requirement that the projects emphasize the use of local resources will have a further influence on the local economy.
The Kaduna investment is part of a larger commitment to promoting access to housing for disadvantaged groups, which includes a partnership with the Adashe Women’s Housing Society to create 134 new houses for women on extremely low incomes, such as widows and market women.
