According to him, CBN is committed to creating an intervention fund for three critical areas of the housing sector such as provision of construction finance for developers that can provide evidence of profiled off- takers with ability to repay; provision of mortgage finance to avail funding for mortgage originator; and working with state land administration agencies to process and issue titles promptly.
Speaking on the strategies mapped out in actualizing affordable housing for low income earners in the country, FMF Managing Director, Mr. Femi Adewole, said the challenges confronting the housing sector are not insurmountable.
According to him, a vast majority of Nigerian families have their household income below N100, 000 monthly and as such would only be able to afford houses built specifically to address their needs and range of income, adding that it is this category of the country’s population that the Fund is most interested in housing.
“FHF is specifically targeted at housing solutions for Nigerians who are earning less than 100,000 naira per month as household income,” Adewole added.
NMRC’s Managing Director, Mr. Kehinde Ogundimu, said the next mandate of the company was to develop the primary and secondary mortgage market in Nigeria.
MBAN President, Mr. Adeniyi Akinlusi, disclosed that the association had been working with the FMBN on rent-to-own, the FHF on rent-to-buy, and also with other stakeholders in order to take care of people that are vulnerable or homeless.
“If housing access is there, and access to affordable mortgages, it will stimulate the supply. If you have the right stimulation for the demand side, you realize that developers will develop houses that are affordable,” Akinlusi said.
