Family Homes Funds Limited Partners with Federal Government on Renewed Hope Housing Project

May 22, 2024

Family Homes Funds Limited (FHFL) is proud to announce its latest investment in the Federal Government's Renewed Hope Cities and Estate Project, marking a significant milestone in the provision of affordable housing for Nigerians. Family Homes Funds Limited has committed to financing the pilot project in Karsana, Abuja, which is set to provide homes for at least 3,000 families.

The Renewed Hope Housing Cities and Estates Scheme is a partnership between the Federal Ministry of Housing and Urban Development, and Continental Civil and General Construction Company (CCGCC) with the target of delivering 100,000 homes, especially for families on low to middle income across Nigeria. The initiative is a key component of the Renewed Hope Agenda of the Federal Government under the leadership of President Bola Ahmed Tinubu with the ultimate objective of unleashing Nigeria’s full economic potential through strategic investments.

The pilot project in Karsana being developed by Continental Civil and General Construction Company, with the Federal Mortgage Bank of Nigeria (FMBN) facilitating sales through the creation of mortgages highlights the strong collaborative effort to address the housing deficit in Nigeria and improve the quality of life for thousands of families. With FHFL's support, the Developer aims to deliver high-quality, affordable homes that meet the needs of Nigerian families seeking to own their homes.

In addition to providing much-needed housing, the project is expected to have a significant impact on job creation. Through the construction phases, 15,560 jobs will be created, providing opportunities for skilled and unskilled workers alike. Furthermore, the Developer is committed to maximizing local content utilization, supporting local businesses, and stimulating economic growth in the project communities.

Speaking on the development, the Managing Director and CEO of Family Homes Funds Limited, Mr. Abdul Mutallab Mukhtar said: "We are excited to partner with the Federal Government of Nigeria, Continental Developers, and the Federal Mortgage Bank of Nigeria in achieving the Renewed Hope Agenda.’’

"This initiative and our strategic investment align with our mission to provide affordable housing solutions and drive socio-economic development in Nigeria. This has been our drive since inception, having now supported the development of over 15,000 homes across Nigeria, creating over 84,000 direct and indirect jobs in the process, with significant impact on local economies.’’

‘’Beyond our role in providing funding for the scheme, we are also offering our project management experience and technical support to our partners in creating meaningful impact in the lives of thousands of Nigerians that will benefit from this scheme.’’

Given the huge need for housing in Nigeria, Family Homes Funds Limited remains committed to supporting initiatives that promote access to affordable housing and improve living standards for all citizens. FHFL looks forward to the successful completion of both the pilot project and the national scheme and the positive impact it will have on communities across Nigeria.

The first phase of the project including one, two, three-bedroom Flats and three Bedroom Terrace Duplexes will be ready in December 2024, while the entire project is billed for completion in November 2025. The project beneficiaries include Nigerians on low – middle income, Civil Servants, and the National Housing Fund (NHF) contributors.