The Federal Government is aiming to deliver 50,000 houses across 13 states of the federation in the first phase of its Renewed Cities and Estates program.

This phase, it was gathered, started in February with a 3,112 housing unit projects in Abuja

To enhance accessibility of the housing units, the central authority has also announced plans to launch a mortgage finance facility aimed at constructing 25,000 affordable housing units nationwide.

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This initiative is a key component of the Economic Stabilization Programme and will be overseen by the newly established Presidential Economic Coordination Council (PECC)

Mr Ajuri Ngelale, Special Adviser to President Tinubu on Media and Publicity, made disclosed this in a statement.

According to the statement, the “Mortgage Finance Acceleration Facility” aims to provide affordable housing for all segments of the population impacted by the rising cost of living.

“Mortgage Finance Acceleration Facility: A facility that delivers affordable housing for all segments impacted by the cost-of-living challenge. This will support the construction of an additional 25,000 housing units,” the statement read in part.

The mortgage finance facility initiative is one of several initiatives that President Bola Tinubu’s administration aims to drive economic transformation in the country under the Economic Stabilization Programme

The centrepiece of the current administration’s efforts is the Renewed Hope Cities and Estates program, which plans to construct 1,000 units in each of the 36 states and 4,000 units in the Federal Capital Territory.

This program is intended to promote inclusivity by offering various affordable homeownership options, including mortgage loans with single-digit interest rates and terms of up to 30 years, rent-to-own plans with flexible payment options, and outright purchases for high-income buyers.

Operating as a cross-subsidy scheme, 80 percent of the units will be sold at market rates, while the remaining 20 percent will be offered at concessional rates to low- and middle-income Nigerians affiliated with the Nigeria Labour Congress and the Trade Union Congress.

Following the launch in Abuja, the Federal Government initiated the construction of various housing projects, including 250-unit Renewed Hope Estates and 500-unit Renewed Hope Cities in nine states, with more to follow in the coming months

The states included in the first phase of this housing initiative are Kano, Katsina, and Sokoto (North-West); Gombe and Yobe (North-East); Ebonyi and Abia (South-East); Akwa Ibom and Delta (South-South); Osun and Oyo (South-West); and Benue and Nasarawa (North-Central).

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by Dayo Ayeyemi