New Family Homes Fund portal offers homes for N1.4 million
The Family Homes Fund (FHF) has introduced a model low-cost homes and portal, which is aimed at addressing housing gap in the country. The scheme, tagged the National Social Housing Programme (NSHP), allows Nigerians to become landlord with as low as N1.4million and increases domestic production of building materials.
Under the programme, about 300,000 homes have been projected for low- income earners. One-bedroom flat cost N1.4 million while two-bedroom unit goes for N1.8 million, excluding financing and infrastructure costs.
The initiative also introduced a new and dynamic approach that brings together experience, expertise from multiple stakeholders to deliver sustainable, impactful solution to housing and unemployment in Nigeria.
Speaking at the launch of the online portal, FHF Managing Director, Mr. Femi Adewole, said the programme would provide opportunity for local manufacturers of building materials such as doors, windows, and ironmongery to register interest in participation as bulk suppliers into the project.
He said: “This will help us ensure up to 90 per cent local inputs by 2021. It will have the opportunity to revitalize parts of our manufacturing sector and create more jobs.”
Adewole stressed that the motive is to build a strong economy, and realise undoubted potential. “We can’t do it by a lackluster attention to the predicament of such a large section of our population.
“ That is why this government is rightly and absolutely committed to lifting low-income earners in our population out of poverty through the mass housing scheme.”
He explained that the experiment towards inclusive housing was embarked on for three reasons: Firstly, to test our assumptions about the feasibility of building a home at this threshold cost and see what it will look like;
“Secondly, to test acceptability with potential occupiers and drawing on housing professionals’ feedback to adapt and continuously improve. Thirdly, to show that it is possible!”
He said that the portal will enable FHF to allocate houses in an open and transparent manner. “Individuals can log into the site to register interest in specific projects. For those who are not able to navigate modern technology, we will collaborate with other partners, including mortgage banks and cooperative society to provide assistance.
“Secondly, it provides opportunity for young professionals with qualification, skills or experience in building and construction to register interest in participation as Small and Medium Enterprenuers (SME) partners.
“Typically, SME partners will be given the opportunity to build about 20 – 30units of housing initially going on to larger opportunities as they grow. We expect to hire about 6,000 SME delivery Partners during the life of the project.
Adewole added, “this the first steps towards ensuring that every child regardless of the economic status of his or her parents has a safe and decent roof over their head. A place to nurture their dreams and hatch their potential away from the grip of poor housing.”
Also, the Managing Director, Nigeria Police Force Property Development and Construction Company, Kemi Olomola- Sijuwade, said the implementation of the scheme was a right step in the right direction, saying, as major developer-partner, they would invest in the sector knowing that the returns are guaranteed.
On his part, the President, Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wamakko, said this would lead to an increase in the national housing stock and reduce Nigeria’s housing deficit, and create massive employment for the citizenry.
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