Family Homes Funds Limited (FHFL) has announced an investment of N3.9bn (approximately N4bn) in Kebbi state (Northwest Nigeria) to kick-off the development of 620 homes for low-income families.
The announcement comes on the back of approval from the Board of the Family Homes Funds to partner with the Kebbi state government towards the delivery of affordable housing for citizens including civil servants, traders, and other categories of beneficiaries in the low-income bracket.
As one of the single largest affordable housing investments in the history of the state, the funding will among other things help hundreds of families onto the housing ladder; stimulate the local economy through the creation of up to 1,900 direct and indirect construction jobs; increase demand for SMEs and wider businesses supporting the house building industry such as electricians and plumbers.
The project which will be built in the state capital, Birnin Kebbi sits on 24 hectares of land provided by the state government with access to much-needed amenities like electricity, water, roads, health care centers, schools, markets, and recreation areas.
Speaking on the development, the Managing Director of Family Homes Funds, Mr. Femi Adewole said:
‘’We are pleased to be working with Kebbi state government to support the homeownership dreams of many families with limited income at their disposal. This is coming at a time when it is increasingly difficult for families on low-income to attain this fundamental need, which in many cases compounds the poverty challenge that we face during this pandemic.
‘’So, we keenly look forward to seeing the impact this investment will have in Kebbi – an important state in the northwest with great need for affordable housing for its hardworking citizens. We also hope that projects like this will continue to encourage more partnerships as we seek to solve the funding gap in affordable housing development across Nigeria.’’
‘’We also thank the Federal Government because of the value it has placed on home-ownership. This funding is a landmark moment for our Affordable Housing Programme and will ensure good quality housing for all as we build back better after the pandemic.’’
As a result of several militating factors including poor funding, most of the states in Nigeria face serious challenges with adequate and affordable housing for much of the low-income population.
Family Homes Funds, established by the Federal Government of Nigeria under the guidance of President Muhammadu Buhari is intervening in this regard through affordable housing investment to also help reduce poverty by strengthening the capacity of the market and the partners.
This investment and partnership with Kebbi state – the latest of FHFL’s numerous commitments – marks an important step towards the government’s mission to deliver up to 300,000 new homes for Nigerians with the most need for them.
The 2- and 3-bedroom homes, like others being financed by FHFL will be sold at rates that are typically cheaper than market prices, providing secure, affordable housing to people who need it most. It will also deliver new supported housing for some of the most vulnerable, providing much-needed homes for older or disabled people with support needs.
FHFL is currently working with State Governments and private developers across the country to facilitate the construction of affordable homes for people on a modest income, who can also offtake these homes with financial assistance from FHFL’s Help To Own Programme. The Fund has now completed up to 13,543 homes across nine states, and another 20,640 commencing building works in 2022. FHFL is also implementing the Nigeria government’s National Social Housing Programme (NSHP) that will provide up to 300,000 homes and lead to the creation of 1.5 million jobs across the country.