The Federal Government has included the informal sector of the economy in its first affordable cooperative mass housing scheme in Lagos State.
Managing Director of the Federal Housing Authority, Gbenga Ashafa, assured that mortgages could be accessed for up to 30 years and that the cap was N15m.
Represented by the Managing Director of FHA Mortgage Bank, Hayatuddeen Awwal, the FHA MD added that the informal sector was always encouraged.
He remarked that well over 15,000 informal sector operators were duly registered, evaluated and appraised by the bank.
For potential home-owners, he disclosed that the FHA Mortgage Bank, which operated a single digit interest rate, was committed to making low interest mortgages available to Nigerians.
He admitted that they were glad to pioneer the affordable homes cooperative initiative in Lagos and that the design and cost were important components the FHA took into consideration to deliver the right specifications to end users.
Ashafa explained that the FHA was rejuvenating FESTAC Town and trying to reclaim over 1,000 hectares of land to demonstrate how affordable home ownership would be delivered to Nigerians, especially those from the informal sector.
His words, “The FHA is also collaborating with the Lagos State Government and other private developers to acquire over 60 hectares of land along Sagamu Expressway for another affordable mass housing initiative.
“Eighteen units have been handed over to beneficiaries of FHA housing schemes in Lagos. The programmes are ongoing in Ibadan, Gombe, Kano, Kaduna, Owerri, Enugu and other states.”
While commending the Lagos government for its strategic efforts at increasing the housing stock in the state, he said the FHA and FHA Mortgage Bank were committed to delivering affordable houses were to Nigerians, in the formal and informal sectors.
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