Renewed Hope Housing Projects of FG to gulp 100 billion in the 2023 supplementary budget
Federal Government has provided N100 billion in the 2023 supplementary budget to kick-start Phase 1 of Renewed Hope Housing Projects and Slum Upgrading Programme before the end of the year.
The budget is only part of broad financing plan that involves a blend of budgetary allocations, Public Private Partnerships (PPPs) and funds from the federal housing agencies like the Federal Mortgage Bank of Nigeria (FMBN) and Federal Housing Authority (FHA), towards delivering the Renewed Hope Agenda for Housing and Urban Development.
The Renewed Hope Cities would have inclusivity at their core. Phase 1 of the project aims to deliver 34,500 housing units in a mix of one, two, and three-bedroom affordable bungalows in 30 states; multi-level flats to cater to low-medium income earners and terrace and detached bungalows, as well as duplexes for the high-income earner.
The chosen locations are Lagos, Kano, Borno, Nasarawa, Rivers, Enugu and the Federal Capital Territory (FCT). The high-end buildings are to be sold at commercial rates.
To ensure affordability and quick off-take of the houses by Nigerians, the ministry has outlined the following mix of ownership options for potential beneficiaries. This includes mortgage loans for low, medium and high-income earners, rent-to-own, public rental and outright sale.
Under the first phase of the slum-upgrading scheme, the ministry plans a total of 26 sites nationwide. It consists of four sites in each of the six regions of the country and two in the FCT.
The key services to be provided at the identified sites include water supply, solar streetlights, rehabilitation of access roads, construction of drainages and waste management and sanitation services.
Meanwhile, Minister of Housing and Urban Development, Ahmed Dangiwa, has applauded President Bola Tinubu for his zeal for housing and urban development in the country.
His commendation was in response to the N100 billion vote approved last week by the National Assembly for the ministry.
