President William Ruto on Thursday said all Kenyans will eventually own decent homes should his affordable housing program be implemented to the latter.
Ruto said the program, one of the pillars of economic growth in his manifesto, will give Kenyans employment, dignified housing and economic progress.
Speaking in Mombasa where he launched Phase 2 of the Buxton Point affordable housing project and Mzizima project, Ruto said the Affordable Housing policy, once in place will guide the affordable housing program across the country.
"We have an opportunity of a lifetime to change and transform our nation," Ruto said.
He said once the policy is in place, all affordable housing projects will work under strict guidelines that will ensure rent is paid under Tenant Purchase Scheme and for all the three strata of social housing, affordable housing and market price housing.
Those under social housing will pay rents ranging from Sh3,000 - Sh5,000, those under affordable housing will pay between Sh5,000 and Sh15,000 and those under market prices will pay whatever the developer will deem fit.
He said the agreement with Buxton Point developer GulfCap Real Estate and Mombasa Governor Abdulswamad Nassir is that the same will apply for Phase 2, eliciting a loud cheer from the crowd.
"I am saying it here so that no one changes tune once I leave," he said.
He noted that the Housing Fund will be used to finance the affordable housing program across the country.
He also noted that in three weeks, the Affordable Housing Financing will enable the mortgaging for the three categories of people including social housing, affordable housing and market price.
For the social housing category, mortgaging will be brought down from 18 per cent to three per cent, affordable housing will be under six per cent and market price housing will be at nine per cent.
GulfCap Real Estate chairman Suleiman Shahbal said his dream is for all Kenyans to be able to own decent houses.
"It is possible," he said.
He said they have made a lot of mistakes in the Buxton Point projects but learned from them and called on all other developers in the country to learn from them.
He called on leaders to join hands to ensure affordable housing is a success.
"Affordable Housing will change the face of Kenya," he said.
