Kenyans hoping to develop homes in their rural areas under the affordable housing scheme will only build homes costing less than Sh4 million.
The 2024 Affordable Housing Regulations that are undergoing public participation provide that beneficiaries of a rural housing unit will have their homes capped at Sh4 million.
According to the draft regulations that were published by the ministry on Tuesday, the applicants for a rural housing unit will have to fulfil tough regulations.
The board, which is the body corporate established to manage the fund, will consider applications based on strictly set criteria including ensuring that those seeking the rural housing units have title deeds.
According to the regulations, Kenyans who intend to build houses through the fund at their rural homes and have no titles for their plots will be locked out.
"The board shall consider the application made where the applicant satisfies the board that the mortgage shall be solely used for the development of the affordable housing unit,'' the draft regulations read in part.
The regulations provide that the applicant will also have to satisfy the board of the ability to repay the mortgage.
The board shall also have to confirm that the applicant has an operational voluntary savings account with the fund before advancing a mortgage facility.
Kenyans applying for a rural affordable housing unit will be required to make an application in writing to the board providing a copy of their title deed and an official search.
They will also submit to the board building plans approved by their respective county governments and a priced bill of quantities by a registered quantity surveyor.
Under the regulations, applicants will also be required to submit to the board valuation reports issued by the government valuer or a valuer registered under the Valuers Act.
Applicants for affordable housing will also be required to produce copies of their KRA certificate numbers and compliance certificates.
The regulations provide that one of the requirements for application for a unit is proof of income and ability to repay.
Affordable housing is President William Ruto's bet project which he says will create jobs for the youth and empower poor Kenyans.
