FG announces intentions to construct "Renewed Hope" communities around the country

FG announces intentions to construct "Renewed Hope" communities around the country
Ahmed Musa Dangiwa, the minister of housing and urban development, has presented plans for 'Renewed Hope Cities' all around the country.

When Dangiwa met with Dr. Agbu Kefas, the governor of Taraba state, on Thursday at the Ministry's Abuja headquarters, he stated this.

According to him, this is a component of the Federal Government's initiatives to support cohesive and effective communities in Nigeria.

"The Renewed Hope Cities will have inclusivity at their core," the minister said.

According to Dangiwa, the project's first phase seeks to build 34,500 affordable housing units in a mix of bungalows with one, two, and three bedrooms across Nigeria's thirty (30) states.

In several state capitals, there will also be multi-level apartments for low- to middle-income families, as well as terraced and detached bungalows and duplexes for the wealthy.

The Federal Capital Territory (FCT), Lagos, Kano, Borno, Nasarawa, Port Harcourt, Enugu, and Nasarawa are among the state capitals listed by Dangiwa.

The Minister stated that the project will be carried out using a multi-agency strategy and a private sector-led strategy with the ultimate goal of producing 34,500 dwellings (Phase 1).

He said that a variety of sponsors, including the Federal Mortgage Bank of Nigeria (FMBN), the Ministry of Housing and Urban Development's financial allocation, and through Public-Private Partnerships with respectable developers, will be funding these.

Additionally, he stated that the Ministry has provided the following combination of ownership alternatives for potential beneficiaries in order to guarantee affordability and prompt offtake of the properties by Nigerians.

This includes using the Federal Mortgage Bank of Nigeria's (FMBN) NHF Mortgage loan window, primary mortgage banks, and the Nigeria Mortgage Refinance Company's (NMRC) mechanism to give beneficiaries access to single mortgage loans with repayment terms of 30 years. Beneficiaries who want homes that are more expensive than those FMBN offers can also use these methods to get home loans at market rates.

Using the FMBN Rent-to-Own housing product, which enables participants in the National Housing Fund (NHF) Scheme to move into a home without making an equity payment and pay towards ownership over a maximum of 30 years depending on their age, off-takers will also be encouraged to purchase the homes, the Minister further stated.

"This is in an effort to deliver the Renewed Hope Agenda for Housing, and one major area where we seek your support and collaboration is the provision of land," Dangiwa added.

"We aim to create over 240,000 jobs at 7 per housing unit with this project alone," the statement reads.

According to him, this is in keeping with President Bola Ahmed Tinubu's intention to develop the economy, generate jobs, and help 100 million Nigerians escape poverty.

Dangiwa claimed that the Ministry of Housing would require free access to land from state governments to accomplish this.

"Land is a major component of housing cost, so by giving us land, we would be ticking off a huge cost that will make it possible for the Ministry to deliver the houses at a price that Nigerians can afford," he continued.

The Minister also revealed that, under his direction, the Ministry had addressed letters to state governments asking for 50 hectares of land to enable the construction of housing programs.

"The Housing Sector has never experienced such a huge jolt in history; this will strengthen and revive Nigerians' hope. Dangiwa stated, "Asiwaju promised and Asiwaju is delivering.

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