Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has debunked the notion that only Nigerians working under Federal Government can access the National Housing Fund (NHF).
The minister, who disclosed this during a meeting with members of the Renewed Hope Multipurpose Cooperative Society Limited on a visit to his office, also called on the society and eligible Nigerians in the informal and formal sectors to take advantage of the scheme by accessing funding in order to benefit from government’s housing programmes.
The Minister, while disclosing the plan of the Federal Government under President Bola Tinubu to create a National Social Housing Fund, which he said is an insurance that seeks to promote housing as a fundamental human right, further explained that it is a program whereby free houses are provided in the 774 local government areas of Nigeria for citizens who do not have means to own one.
Apart from the Renewed Hope Estates and Cities, the Minister also suggested subscription to National Housing Programme to the Cooperative Society, saying that currently, they have houses under the program in more than 20 states that were delivered by the last administration that were all being processed in various states’ headquarters.
“Contrary to the notion that only Nigerians working under Federal Government can access the fund from the Federal mortgage Bank. The Act setting up the NHF states that every Nigerian irrespective of coming from the informal or formal sector, shall contribute 2.5 percentage of his income into NHF for six months after which he becomes eligible to a loan ranging from one million to fifteen million to buy a house depending on affordability”.
“We have already awarded the contract for the Renewed Hope Cities and Estates in 12 states nationwide, two states per geo- political zone and contractors have already been mobilized on sites to build a minimum of 250 houses that are affordable and organic in 1,2,3 bedrooms” he said
He explained that under the loan, the cooperative society could design the houses the members want according to their income, appoint a developer and if the criteria for providing the loan is met, FMBN will provide funding for the construction of the houses and after the houses are completed, the bank will package long-term single digit of 6 per cent National Housing Fund mortgage loan or rent to own for their members to enable them own their homes and pay over time as this signifies that the cooperative society has offset its loan because it will be deducted from its members.
Speaking earlier, the National Coordinator of the Renewed Hope Multipurpose Cooperative Society, Taofeek Afolabi, expressed optimism that partnering with the ministry will enable the members to benefit from the Renewed Hope Cities and Estates, assuring the Minister that the members were economically active and has the capacity to become home owners through mortgage.
“Our primary areas of focus is homeownership for our members. We understand the challenges and how difficult it can be for the average Nigerian to own a home. This is why we intend to use this vehicle to make homeownership more accessible and affordable for Nigerians,” he remarked.