|
Getting your Trinity Audio player ready...
|
What to know about President Tinubu’s Renewed Hope cities, estates
In line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, the Ministry of Housing and Urban Development under the able leadership of the Honorable Minister, Arc. Ahmed Musa Dangiwa and the Honourable State Minister, Engineer Abdullahi Tijjani Gwarzo, developed a concept of an ambitious and unprecedented housing programme in collaboration with the private sector to develop cities and estates to the tune of 100,000 housing units nationwide.
Under phase one, the programme will deliver a total of 50,000 housing units across Nigeria.
The Cities will have 1,000 housing units per site in one location in each of the six geo-political zones in the country and FCT, while the Estates will have 500 housing units per site in the remaining 30 States.
The Pilot Site at Karsana, Abuja FCT consisting of 3,112 (448 units of 1-Bedroom Flat, 544 units of 2-Bedroom Flat, 2,040 units of 3-Bedroom Flats and 80 units of 3 &4-Bedroom Terrace Units) will form part of the first phase of 20,000 units to be delivered in FCT.
The Presidential ground-breaking is one of many more scheduled ground-breaking events for several sites nationwide as we mark the commencement of the Renewed Hope Cities and Estates in Q1 2024.
Some include 2,500 Renewed Hope City housing units at the Ibeju-Lekki Coastal City, Lagos, a 500-housing unit Renewed Hope Estate in Kano and 250 housing unit in 12 states (2 per geopolitical zone) as Renewed Hope Estates in Ogun, Oyo, Akwa Ibom, Delta, Abia, Ebonyi, Nasarawa, Benue, Yobe, Gombe, Katsina and Sokoto States.
WHO IS FINANCING THE PROJECT?
This project is under a Public Private Partnership between the Federal Ministry of Housing and Urban Development and a consortium of developers comprising Continental Civil and General Construction and Ceezali Limited signed in December 2023 to deliver a total of 100,000 houses nationwide.
Under this PPP arrangement, the Ministry is creating the enabling environment and facilitating off takers for the houses through the Federal Mortgage Bank of Nigeria (FMBN), while the developers will source for land and finance the construction.
By encouraging this PPP arrangements, the financial burden is completely taken off the government while meeting the citizens needs for decent and quality shelter as well as stimulating the economy through the project delivery.
Any developer that has the financial and technical capacity like this consortium can reach out to the Ministry for this type or similar partnership.
WHO IS ELIGIBLE TO OWN A HOUSE AT RENEWED HOPE CITIES AND ESTATES?
All Nigerians are eligible to own a house in any Renewed Hope Cities and Estates across the country.
Civil servants, business owners, Nigerians in Diaspora and individuals or groups who desire to become homeowners under the Renewed Hope Cities and Estates Programme.
The mode of payment for the houses will be through mortgages, outright purchase, rent-to-own, installment and any other payment that may be decided by the ministry and the developers.
To understand that this is indeed a concept for all Nigerians irrespective of income and status, the estates will have houses that will be sold at normal commercial rates (about 80%) for high and medium-income earners, while the remaining 20% to be cross subsidized for low-income earners. This arrangement will be factored in the pricing of the housing units.
WHERE ARE RENEWED HOPE CITIES AND ESTATES LOCATED?
The Cities and Estates will be located in every state of the federation and FCT.
Abuja and Lagos will have 20,000 housing units each while every state will have at least 500-1,000 units each.
The programme is a continuous program because it’s aimed at addressing the persistent increase in housing deficit in the country.
HOW CAN ONE APPLY FOR A HOUSE IN RENEWED HOPE CITIES AND ESTATES?
The consortium of developers has developed a user-friendly application portal that will be managed professionally and efficiently.
All applications, registrations and allocations will be through the portal. So, all interested Nigerians can apply to own a house from their comfort once the portal goes live.
We will announce on all platforms when the portal is live with detailed requirements and procedure for application.
CAN I PAY THROUGH MORTGAGE EVEN WHEN I DON’T WORK?
Yes! You can buy a house a pay through mortgage even when you don’t work with government or any organized private sector (meaning you don’t contribute to the National Housing Fund).
All you need to do is to ascertain and verify your income then approach Federal Mortgage Bank of Nigeria (FMBN) to register and start contributing to the National Housing Fund to enable you access loan from the NHF for home ownership.
National Housing Fund is a Federal Government scheme domiciled at FMBN, which entitles all Nigerians above the age of 21years in paid employment or structured income to a low interest, government funded loan.
Members of the scheme contribute 2.5% of their monthly salary or income to the fund through Federal Mortgage Bank of Nigeria to enable them to get concessionary loan to pay over a long period, up to 30years.
HOW MUCH SHOULD I CONTRIBUTE TO ENABLE ME ACCESS MORTGAGE LOAN?
The minimum amount you can contribute to the NHF is 2.5% of your monthly basic salary and there is no cap to what you can contribute as the Fund serves as savings account towards home ownership which is refundable after years of service.
But for the purpose of loan administration, the Federal Mortgage Bank of Nigeria (FMBN) has categorized NHF Members according to their contribution and corresponding loan amount they can access.
Members contributing N1-10,000 can access home loan of up to N15m, members contributing N10,000- 25,600 can access up to N25m while members contributing N26,000-above can access up to N50m. The loan amount you can get depends on your contribution.
WHAT ARE THE ECONOMIC BENEFITS OF THIS PROGRAM ?
The Renewed Hope Cities and Estates Programme is designed to be a catalyst for economic growth.
The construction and development of these new areas will generate employment opportunities, stimulate local businesses, and attract investments.
The 50,000 units to be delivered under phase 1 will create 1.250m direct and indirect construction jobs. This is in addition to the value chain effects of purchase, supply of building materials, businesses around the construction sites, etc.
Overall, the project will deliver about 2.5m jobs for Nigerians and open up hundreds of construction sites in the country thereby creating wealth and improving living conditions of millions of Nigerians.
This is not ordinary project that can stop any time due to funding, this particular one is by a developer with capacity to deliver.
They will deliver a batch in 12 months and the complete project in 24months.
We will converge again for official commissioning and handover keys to subscribers.
Follow the Neptune Prime channel on WhatsApp: https://whatsapp.com/channel/0029Va74ZvU2v1IqKByXoX3d
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
