Osinbajo to commission 650-unit Family Homes Funds project

The Vice President of Nigeria, Prof Yemi Osinbajo will this week commission the Federal Government special housing intervention programme, Family Homes Funds (FHF) housing project in Asaba, Delta State.

The estate developed in partnership with Delta State Government is made up of 650 housing units for low- income earners. The event will be hosted by the Delta state Governor, Dr Ifeanyi Okowa who has not only expressed his excitement about the project, but offered additional land to FHF for further development.

The affordable housing project consists of one, two and three bedroom bungalows with all necessary facilities for home functionality. The estate has adequate access to water supply, power, security and good road network.

Built with high quality and sustainable materials, the houses are structured in ways that give each owner and his or her family a decent living space and some sense of privacy.

Beneficiaries of the project will enjoy a deferred loan for up to 40per cent of the cost of their home. For the first five years of the loan, no payments need to be made. From the sixth year, monthly payments will be made to start repaying both interest and capital to assist the purchaser.

The amount paid starts low and increases each year in gradual steps (average 6.5per cent per annum) in order for the Help To Buy loan to be fully repaid by the 20th year, the same year the mortgage is expected to be fully repaid.

According to the Fund’s Managing Director, Femi Adewole, the estate is built in a fast developing and serene area with a lot of greenery. It represents the Funds’ vision to not only build houses, but to build ones that are healthy to live in and affordable for the owners.

Speaking more on affordability, Femi Adewole said, ‘’we want to ensure that 1 bedroom unit should not be more than N3 million; 2 bedroom unit should not be more than N4.5 million, and 3 bedroom should not be more than N6.5 million.’’

So far, projects that have been completed or ongoing in states like Nasarawa, Borno, Ogun, Delta, Kaduna etc. have directly and indirectly employed at least 15, 000 workers, artisans, suppliers and all categories of housing professionals, with about 360,000 to be created from current development pipeline.

The Fund, which is developing projects in the six geopolitical zones of the country had also recently announced that it is currently building 4700 homes in Borno state, out of which 3000 will be very low cost homes for Internally Displaced Persons (IDPs).

According to Adewole, the project will be ready in months because the sites have been identified and the drawings have been done.