Stake­hold­ers harp on agree­able def­i­ni­tion for af­ford­able hous­ing

Daily Trust - - PROPERTY - By Mustapha Suleiman

Par­tic­i­pants that at­tended the 2016 af­ford­able hous­ing sum­mit held re­cently in Abuja have called for an agree­able and ac­cept­able def­i­ni­tion of af­ford­able hous­ing by all stake­hold­ers in the coun­try.

This was con­tained in a com­mu­niqué is­sued at the end of the 2-day event or­gan­ised by the Fed­eral Min­istry of Power, Works and Hous­ing (FMPW&H), in col­lab­o­ra­tion with Ger­man De­vel­op­ment Cor­po­ra­tion (GIZ) and some indige­nous cor­po­rate bod­ies (es­pe­cially real es­tate devel­op­ers) in the hous­ing sec­tor with the theme “De­vel­op­ing a Blue­print for Af­ford­able Hous­ing De­liv­ery in Nige­ria”.

They par­tic­i­pants noted that the in­dices that should be used for defin­ing af­ford­able hous­ing should in­clude seg­re­ga­tion, strat­i­fi­ca­tion, classes of people and their income brack­ets, “not more than one-third net house­hold income of the tar­get group, not in­di­vid­ual income alone and eq­uity con­tri­bu­tion of end-users.”

The com­mu­niqué also urged both fed­eral and state gov­ern­ments to re­duce the cum­ber­some process of land ac­qui­si­tion and ti­tling to ease hous­ing con­struc­tion.

Also, the par­tic­i­pants rec­om­mended that there should be de­vel­op­ment of sec­toral poli­cies on af­ford­able hous­ing in con­so­nance with the pro­vi­sions of the var­i­ous Acts and Bills on land uti­liza­tion for hous­ing.

To­wards this end, the sum­mit di­rected that the var­i­ous bills on land for the con­struc­tion of houses in the Na­tional As­sem­bly (NASS) should be re­viewed and fi­nal­ized as soon as pos­si­ble.

It also stressed the need to prof­fer lo­cal so­lu­tions to mort­gage fi­nanc­ing by con­sid­er­ing gen­er­a­tional mort­gage fi­nanc­ing where tenor could be ex­tended be­yond the orig­i­nal mort­gagee for con­ti­nu­ity; and main­tain­ing the sin­gle digit in­ter­est rate in mort­gage loan even if it re­quired sub­si­diz­ing for the low income earn­ers.

The com­mu­niqué also read: “Re­cap­i­tal­ize the Fed­eral Mort­gage Bank of Nige­ria and en­force the Na­tional Hous­ing Fund (NHF) con­tri­bu­tion as en­shrined in the en­abling Act. The need for PENCOM to in­vest a size­able part of the pen­sion funds, dor­mant as­sets of banks and un­claimed div­i­dends in Pri­mary Mort­gage Prod­ucts; the need to put in place the ap­pro­pri­ate con­struc­tion fi­nanc­ing schemes in­clud­ing fund­ing sources for mul­ti­lat­eral schemes.’’

The af­ford­able hous­ing

sum­mit par­tic­i­pants also urged stake­hold­ers to join the min­istry in li­ais­ing with the Na­tional As­sem­bly to fast-track the amend­ment of the rel­e­vant laws al­ready sub­mit­ted such as fore­clo­sure, mort­gage and in­sur­ance laws among oth­ers.

„ From left: Surv. Ugochukwu Chime, REDAN pres­i­dent; Engr. Em­manuel Mbaka. MD/CEO Plat­inum Mort­gage Bank; Mr. Femi John­son, pres­i­dent MBAN; and Dr. Chii Ak­porji, ED, Pol­icy & Strategy, NMRC, dur­ing the re­cently held af­ford­able hous­ing sum­mit in Abuja.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.