•The government through partnerships with the private sector has committed to support the delivery of at least 200,000 affordable houses.
•Buyers looking to own homes with parking will however come with an additional cost of Sh200,000.
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The government has partnered with a private developer to deliver of 200,000 houses in Kiambu County as part of the affordable housing programme.
The State Department for Housing and Urban Development in partnership with M/S Kings Developers Limited has embarked on the development dubbed ‘Ruiru Boma Estate.’
The development comprising at least 1, 050 affordable housing units will see Kenyans pay Sh1.25 million for a one bedroom studio.
There are 40 one-bedroom studio apartments with each going for Ksh1,250,000 and 30 one-bedroom apartments going for Sh1.5 million.
The project has 60 two-bedroom apartments going for Sh2 million and 504 two-bedroom (without master ensuite) selling at Sh3.4 million.
It will also have 336 two-bedroom (master ensuite) apartments which will be going for Sh3.98 million and 80 three-bedroom (with balcony) apartments going for Sh4.5 million.
Buyers looking to own homes with parking will however come with an additional cost of Sh200,000.
"The government has committed to the delivery of the 200,000 houses with supporting infrastructure annually,” Ministry of Lands, Public Works, Housing and Urban Development PS Charles Hinga said.
An applicant will be at liberty to buy a unit with or without parking, Hinga said.
Officers will finance the purchase of the houses through either their respective housing mortgage schemes where applicable, or through own financing.
Independent Public Mortgage Schemes can reserve houses for their staff through the State Department in liaison with the developer.
Under the project, the government has facilitated the provision of financing for the purchase through the Kenya Mortgage Refinance Company (KMRC) and its partner local commercial banks and Saccos
They include eight banks and 11 Saccos.
"KMRC will provide long-term fixed-rate funding at single-digit interest rates thereby increasing the availability and affordability of mortgage loans," said Hinga.
The government through partnerships with the private sector has committed to support the delivery of at least 200,000 affordable houses annually as it seeks to address the housing shortage in the country.
According to estimates from the Centre for Affordable Housing Finance in Africa (CAHF), Kenya has a total housing deficit of 2 million units, which is growing by 200,000 units annually while supply is only keeping up at 50,000 units.