FMBN to finance housing project with N491m
The Federal Mortgage Bank of Nigeria (FMBN) has approved the sum of N491.3m to finance the Brekete Family Smart City Housing Project located in Guruku, Nasarawa State.
Managing Director/Chief Executive Officer of FMBN, Arc. Ahmed Musa Dangiwa, made this known while speaking at the foundation laying ceremony of the project on Wednesday.
The Brekete Family Smart City, sitting on 600 hectares of land, is primarily based on the concept of Sites and
Services which has now been expanded to integrate the option of Cooperative Housing Development Scheme financed by the FMBN.
A statement by the Head, Corporate Communications Group, Lawal Isa, said the project was offering a mixed-use and integrated neighbourhood hosting residential houses of various categories and designs, including commercial outlets, business parks and industries.
“The integrated neighbourhood concept adopted for the project is aimed at enhancing vertical and horizontal human networking in a manner that effectively supports sociocultural and socioeconomic integration,” the statement added.
Dangiwa, while speaking at the ceremony, said it is a 70-unit housing smart city financed by the bank through its Cooperative Housing Development Loan window.
He said the loan was approved to the Brekete Cooperative Watershed Credit and Thrift Cooperative Society Limited.
“We are financing the construction of this project to the tune of N491.3m and once the houses are built, FMBN will also provide mortgage loans through selected Primary
Mortgage Banks at six per cent interest rate to members of the family who are contributors to the National Housing Fund to enable them to purchase the houses and repay over a maximum period of 30 years,” he said.
The Governor of Nasarawa, Engr. Abdullahi Sule, who laid the foundation stone of the project appreciated the Brekete Family and the FMBN for the vision.
He said due to the proximity of Nasarawa State to the Federal Capital Territory (FCT), the location of the project offers huge potential to boost the development of the state.
“This project is meant for the ordinary people and we have worked so hard on the issue of security in this state. We have empowered the people and we have provided an enabling environment.
“Nasarawa is indeed safe to do business because we have done a lot to ensure security. I want to thank the federal government and the FMBN for the idea. By the time we come back here, we will do the best we can from the state to complete the road’’, he said.
He urged the President and Founder of Brekete Family, Ahmed Isa, not to allow the project to be hijacked by influential persons in the society.