NMRC, Modern Shelter seal deal on affordable housing

ANEW Memorandum of Understanding has been endorsed between Nigeria’s foremost mortgage underwriter and a pioneer mortgage brokerage and real estate marketing firm that ensures the removal of barriers to home ownership for off takers.

The deal between the Nigeria Mortgage Refinance Company (NMRC) and Modern Shelter Systems and Services Limited (Modern Shelter), will tackle barriers such as equity contribution constraints, access to mortgage loans and delivery of qualitative and affordable housing.

The partnership agreement will see both firms working together towards the provision of housing finance, training, research, advisory and project structuring to increase housing stock that will drive mortgage creation and penetration in Nigeria, using alternative financing mechanisms that align with NMRC’S underwriting standards.

The agreement is also expected to promote knowledge, technological transfer and support that grants Modern Shelter access to and use of NMRC’S flagship Housing Market System (HMS) as a means of mortgage prequalification and source of investment for construction finance.

NMRC’S Managing Director, Prof. Charles Inyangete, explained that in driving mortgage penetration and influencing housing stock development, the company invested substantial sums of money in providing and improving policy requirements and information systems’ infrastructure that will assist market players to make affordable housing