FG partners Cross River on 1,000 social housing units project
A statement issued by Special Adviser to Governor Benedict Ayade on Media and Publicity, Christian Ita revealed that the project was accommodated under the National Social Housing Programme being promoted by the Economic Sustainability Committee in the office of the Vice President.
He said this was disclosed at the inauguration of the project during a presentation to Ayade in Calabar.
Managing Director of Family Homes Funds Limited, Femi Adewole, said: “The scheme is a new programme instituted in October 2020 as one of the Federal Government’s economic sustainability plans in response to the disruptions of the COVID-19 pandemic.”
Adewole added that the development of the housing units would be in phases with the first part that would ensure the construction of 1, 000 units under the housing programme.
“By its nature, this programme is targeted at Nigerians on low income with the directive from the committee that the houses should cost not more than N2 million and to ensure that civil servants who are earning the minimum wage can afford them,” he said.
Adewole maintained that the programme would be funded under a N200 billion debenture deed between the Family Homes Funds and the Central Bank of Nigeria (CBN) with the beneficiaries, who are expected to pay for their houses within 15 years.
“For a N2 million house, it gives beneficiaries about N9, 000 monthly repayment schedule and that meets the affordability criteria,” he said.
Giving a breakdown of how the projects would be distributed, he disclosed that three sites have been identified in Odukpani, Ikom and Ogoja and their designs and documentations have been completed.
“We expect to finalise the funding at the end of this month with a an inauguration ceremony on a date to be agreed with the governor.
“The second phase is the affordable housing programme, which is the vanilla of the family homes funds and this is aimed at low and middle income earners,” he added.
Expressing delight at the choice of Cross River for the pilot project, Ayade said: “Our first discussion on this was in Russia and you told me that you would ensure that Cross River gets into the scheme and today, you have kept your promise. I thank you.”
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