Kenya’s National Housing Corporation (NHC) says it continues to link prospective home buyers to financial institutions to access affordable mortgages as it seeks to sell off 1,200 housing units.
NHC Managing Director, Mr David Mathu, says the government-run company is working closely with the Kenya Mortgage Refinancing Company (KMRC) and its affiliate financial institutions to provide customers with single-digit interest credit.
Mr Mathu, who said 45 units are available for sale in addition to 1,200 housing units nearing completion, said the corporation, in collaboration with the State Department for Lands & Physical Planning, has set up a desk to facilitate faster transfer of titles to potential customers.
“This would enable our customers to acquire sectional titles for easier access to mortgage finance. The corporation offers very competitive pricing, with the tenant purchase scheme affording lenient payment terms that are flexible up to 18 years on a rent-to-own mode of sale,” he added.
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The ongoing Affordable Housing Program (AHP), which is also on the National Housing Corporation’s to-do list, has since rolled out 103,000 housing units that are at various stages of construction across the country, with the corporation also targeting Kenyans in the Diaspora.
In partnership with county governments, Mr Mathu says there will be a drastic reduction in the cost of the housing units owing to the provision of land by the counties. “The corporation has engaged professionals in addition to implementation of its building information modelling system for all its project designs and execution to mitigate against cost and time overruns and quality of the housing units and therefore, guarantee efficiency of our projects and attractiveness of our units,” he said.
“The NHC Expanded Polystyrene (EPS) factory, the largest in East and Central Africa, produces climate-friendly and cost-effective building materials. Over 2,000 artisans and masons have been trained in using EPS technology, contributing to faster and more sustainable housing construction,” added Mathu.
Currently, the NHC is implementing various projects under its traditional commercial segments and Affordable Housing Programme in the counties of Meru, Kericho, Kakamega, Marasabit, Kisumu, Nakuru, Mombasa, Homa Bay, Embu, Samburu, Kirinyaga, Siaya, Nyeri, Uasin Gishu, Machakos, Taita Taveta and Nyandarua.
These projects, he said, have created more than 160,000 employment opportunities through the multiple programmes that NHC is undertaking either directly or indirectly in both informal sectors, such as boda boda riders, market vendors, suppliers, artisans, security guards, construction professionals, manufacturers, banking and insurance companies among others. (KNA)
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