Affordable housing in the urban areas seems unachievable for most Kenyans in the low and middle-income bracket. This plight has prompted thousands to return to rural areas or result in living in slums in order to meet the cost of living. In line with affordable housing on the Big 4 agenda, the National Cooperative Housing Union (NACHU) seeks to turn around this culture right from the informal sector.
Bodaboda riders, mama mbogas, chamas, and small savings groups can now own houses and land of their own using their daily earnings. NACHU in partnership with Finsco Africa have established Riverline Ridges with an aim of solving the challenge of the high cost of land by allowing individuals, cooperatives and various groups acquire land at subsidized rates.
The newly launched Riverline Ridge Phase 3 is currently at the individual title processing stage for the gated community. This is one of the housing projects looking to provide thousands with homes and land both commercial and residential. Now on its third phase, Riverline Ridges in Ruiru sits on 432 Acres of land and is accessible to the employed and self-employed Kenyan.
Through various housing programs and plans by NACHU, individuals and groups can acquire loans and saving plans. The National Union whose project manager is Finsco Africa aims at enabling Kenyans in the informal sector across counties to be homeowners without digging too deep into their pockets.
“Some Kenyans in the low-income bracket, who have approached NACHU, today live in their own houses because they acquired knowledge first. Kenyans of all social classes deserve housing but there is a lack of knowledge. NACHU is fixated on making a social impact for Kenyan families by having them realise how easy it is to own a house in urban and rural areas without over-stretching financially,” said NACHU Chairman Francis Kamande .
Riverline Ridges has been tailored to facilitate housing through economy of scale that will see more cooperatives, Saccos, and saving groups purchase land and build houses. After the purchase of land, the union is also keen on delivering houses through technical, financial, and planning advice from experts.
Finsco Africa and NACHU are encouraging Low and middle-income earners in merry-go-round ‘çhamas’ and saving groups to secure housing through programs such as tenant purchase instead of saving for household commodities such as television, sofa sets, kitchenware and even vehicles while living in rented houses.
“Besides spearheading the ‘rent to own’ programme, Finsco has partnered with NACHU to ensure not only is the client accessing affordable housing but also owning land for both residential and commercial purposes at subsidized rates. Finsco is working in line with the government’s Big 4 agenda and will ensure individuals receive their title deed at the end of purchase stages,” said John Mwaura CEO Finsco Africa.