Affordable Housing Fund aims to support the development of up to 500,000 Homes targeted at people on low income over the next 5 years. Towards achievement of this goal, we will work in partnership with public and private sector developers by providing competitively priced direct financing for projects which meet our strategic objectives.
Help to Own is a programme where households buy a new home by contributing only a 10% deposit as against the traditional 20-30%. The remaining 90% is funded by a 50% mortgage from our mortgage partners and the balance of 40% is provided as a Family Homes Funds loan. The FHF loan requires no repayments in the ﬁrst 5 years and during that period no principal or interest is charged. After the ﬁrst 5 years the borrower repays the FHF loan in equal instalments over 15 years at a starting interest of 3.5% on the outstanding loan, rising annually in ﬁxed steps to a maximum of 14.5% by year 20.
The Rental Housing Fund is an initiative of the Family Homes Funds that that enables Nigerians on low income move into a new home with just a month’s rent and a month’s deposit and with an option to buy the house at a later date after installmental payment conditions have been met.
This is a short term construction finance facility for real estate developers with a 10% interest rate aimed at funding the development of a minimum of 250 affordable housing units for low- income families.