BIG FOUR AGENDA

Affordable Housing registrations hit 100,000 mark

In Summary

• Cost is Sh1million for one bedroom, Sh2 million for two bedrooms and Sh3 million for 3 bedroom units.

• Programme expected to deliver approximately 150,000 units every year.

Housing and Urban Development PS Charles Hinga
Housing and Urban Development PS Charles Hinga
Image: FILE

The number of Kenyans who have registered for state funded affordable homes has crossed the 100,000 mark,  according to Housing and Urban Development principal secretary.

In a statement, Charles Hinga said the good response through the Affordable Housing platform is a testament to the massive interest and potential that the  program has.

He said in the past few weeks,  increased traffic on the Boma Yangu platform and the Huduma Centres show that Kenyans are keen on owning homes.

“ As Government, we are working towards ensuring the construction, completion and handover of these houses is expedited so we can give our people a sense of ownership, promote social equity and improve access to our urban cities,” said Hinga.

He said the contractor for the  Park Road,  1,370 unit flagship project, is already on site.

The Affordable Housing Programme is expected to deliver approximately 150,000 units every year which will be provided under the National Tenant Purchase Scheme.

The scheme allows potential home owners to direct their monthly rent payments towards the purchase of the houses that are currently priced at Sh1million for one bedroom, KSh2 million for two bedrooms and Sh3 million for 3 bedroom units.

The tenants will have up to 25 years to clear their balances that will be charged at affordable interest rates of between 3- 7percent according to the CS .Those who meet the basic qualification criteria will be expected to participate in a regular and transparent allocation process for the available houses.

Allocation will be done upon commencement of the construction to allow owners to begin paying at manageable and affordable  terms.

Further,to ensure affordability is attained, a system has been worked out so that the monthly contributions will be on a fixed rate over the life of the financing.