The housing fund will cushion investors who put in their money in the planned housing scheme, Housing Principal Secretary Charles Hinga told Turkish investors yesterday.
He said the National Housing Development Fund and Kenya Mortgage Refinancing Company
will provide cash-bank guarantees to investors who take up the projects.
"The challenge lies for the low-income earners as the investors may be worried of default from ordinary citizens. The fund will be certainty in building the houses," PS Hinga said at the
Kenya-Turkey Investment Forum.
The announcement points at a clearance to the implementation of the levy that was strongly
challenged by employers and trade unions.
The court suspended the deduction on workers’ salaries pending the hearing and determination of a case filed by Central Organisation of Trade Unions Kenya.
Yesterday, a local daily quoted Transport, Housing and Infrastructure Cabinet secretary James Macharia saying the matter has been settled.
“We had injunctions that halted the process, but the parties have agreed to withdraw them so we are ready to proceed with the project,” said Macharia in Nyeri during an inspection of ongoing public projects in the county.
