Kisumu signs MoU with Laptrust on Sh3.8bn housing project

@alalmaurice

The Kisumu county government and Laptrust have signed a memorandum of understating on the Sh3.8 billion affordable housing project.

More than 1,200 decent and low-cost units will be built under the Anderson- Ofafa Affordable Housing Project. 

Governor Anyang' Nyong’o and Laptrust County Pension Fund CEO Hosea Kili signed the MoU at Mama Grace Hall in Kisumu on Tuesday.

Kili said housing units are designed in line with the both national and county government’s affordable housing agenda.

Retail shops along the major access roads will be catered for within the project in line with Kisumu city's street commerce economy, Kili said.

“The MoU we have signed today officially commits the County Government of Kisumu and Laptrust to developing the Anderson-Ofafa Affordable Housing Project,” he said.

Kili noted that demand for new housing units especially in urban areas has been estimated at 250,000 against an estimated supply of 50,000.

He said the housing segment of the Big Four agenda is an opportunity for pension funds to provide decent and affordable housing, stimulate economic growth and spur industrial growth. All these create employment and lift the standards of living for the people.

“We, at Laptrust and the County Pension Fund, strongly believe in leading the way in coming up with innovative ways of solving problems for the benefit of our members as well as our stakeholders,” he said.

Kili said Laptrust has a diversified investment portfolio that includes affordable housing, as a way of unlocking value on existing properties across various counties.

“The Anderson-Ofafa Affordable Housing project is one such real estate investment,” the CEO said.

He announced that they developed a Relocation Action Plan to facilitate resettlement of the project affected persons. The organisation consulted stakeholders and the residents of the Anderson-Ofafa estate.

Residents of the estate have vacated to pave way for the development of the project scheduled to begin by April, Kili said.

Nyong’o said the project will not only provide decent and affordable housing to the residents of Kisumu, but will provide employment to youth and women.

“They will provide labour, supply building materials and catering services to the construction workers among others,” he said.

The governor said the Anderson-Ofafa housing project will offer opportunities for low-income earners to realise their dreams of owning modern houses.

“The former residents will be given the first priority to purchase these units according to the Laptrust policy,” Nyong’o said.

He added, “Our next stop is Makasembo and we ask the residents there to cooperate and give way for yet another affordable modern housing complex.”

Deputy Governor Mathews Owili, acting city manager Abala Wanga, Kisumu speaker Elisha Oraro and Market Milimani MCA Seth Ochieng’ were present.  

Owili lauded the project, saying it was in line with the county’s agenda and President Uhuru Kenyatta’s Big Four pillars.

(edited by o. owino)