FHA to commence rent-to-own housing scheme

The Federal Housing Authority (FHA) has revealed its determination to collaborate with state governments in constructing rent-to-own housing scheme for low income earners in a bid to guarantee affordable housing.

Rent-to-own is a type of housing scheme that will convert rents paid by tenants for the eventual ownership of such houses.

Professor Mohammed Al-Amin, the managing director/ chief executive of FHA, who stated this in Abuja, last week, noted that about 50,000 members of 800 cooperative societies nationwide have indicated interest in FHA social and cooperative housing programme.

“Many of the

cooperatives came on their own upon hearing about the social and cooperative housing scheme of the Authority, so financially weak members of cooperative societies could latch on to the strength of the group to realise their home ownership dreams,” he said.

Al-Amin said the target of FHA was to provide affordable housing for most vulnerable groups in the society such as no-income, lowincome and middle low-income earners.

He revealed that the authority has developed special packages for non-governmental, faithbased and community-based organisations, adding that FHA was also working closely with research institutes for the development of local construction materials.