Nigeria’s largest social housing fund, Family Homes Funds Limited (FHFL), the Federal Mortgage Bank of Nigeria (FMBN) and Nasarawa state government have agreed on a partnership that will enable them to – among other things – deliver affordable homes for low-income earners in Nasarawa state and create jobs for workers.
It is the intention of the parties that this partnership will create the condition for sustainable and collaborative efforts that will result in affordable homes for citizens on low-income, jobs for workers, and a thriving business environment for building material manufacturers and service providers.
At the signing ceremony in Lafia, Nasarawa state, the parties expressed their desire to collaborate and utilise their respective complimentary skills and capability to undertake the implementation of a housing programme in the state.
Through this partnership, Family Homes Funds, which is a social housing company will provide construction finance, and Nasarawa state will provide lands for development, while the country’s biggest mortgage institution, FMBN will provide affordable mortgages for low-income earners that will benefit from the partnership.
According to the parties, the first outcome of this partnership will be the development of about 2,000 homes in the state. Stakeholders that advocated for the partnership expressed their optimism and are confident that the project will also serve as an effective response to the impact of covid-19 in the lives of those on low-income. Households with limited income have been the most negatively impacted during this pandemic, and projects like this offers them a lifetime opportunity to become stable and begin new journeys with their families.
Family Homes Funds has identified strong partnership as one of the most sustainable and effective models for reducing housing deficit and solving other housing crisis in Nigeria. This initial project, which is a collective initiative, will prove how such partnerships can bring about positive changes in the lives of those with limited economic opportunities.
Recently, Family Homes Funds and the Federal Mortgage Bank of Nigeria agreed to work together by providing homes and mortgages for millions of Nigerian families in dire need of homes. This latest partnership with Nasarawa represents a positive outcome of that.
Family Homes Funds Limited plans to replicate this kind of partnership in every state of Nigeria; providing a collaborative opportunity to intervene in critical areas like housing and job creation. The goal of such partnership is not only to provide affordable housing for low-income earners, create wealth and employment for thousands of workers, but also boost the potential of locally manufactured building materials and inputs.
With Nigeria battling with severe housing deficit, urban degradation and unemployment, Family Homes Funds is keen on such partnerships with more states in order to enable the creation of sustainable communities with modern living conditions and opportunities for economic prosperity for the eventual beneficiaries.
Leveraging on its proven experience across the country, Family Homes Funds is continuously driven to provide hardworking Nigerians with homes that are not only affordable, but of decent standard, and will serve as a springboard for them to move to the next level of their lives.
Through investments and innovative interventions, Family Homes Funds has been able to provide 11,615 (completed and uncompleted) affordable homes in several states including Delta, Nasarawa, Kaduna, Kano, Borno, Yobe, Bauchi, Adamawa, Ogun. This May, new families will be moving into Family Homes Funds homes in Bauchi, Yobe, Kano, Borno, and Adamawa.
Before the end of 2021, the company plans to finance the development of about 50,000 more homes for low-income earners like civil servants, traders, and members of cooperatives.