The Federal Government on Friday inaugurated and handed over keys to beneficiaries of its first National Housing Fund (NHF) Loan Scheme at Lekki, Lagos State, the News Agency of Nigeria (NAN) reports.
The project is part of ongoing 300,000 units of affordable Housing Scheme of the Federal Government.
Sen. Gbenga Ashafa, Managing Director, Federal Housing Authority (FHA), while inaugurating Silvercrest Oakwood Estate in Lekki, said the 38 units of three and four bedroom completed apartments were the first in Lagos State.
Ashafa advised Sustainable Income Earners to make up to six months contributions to the National Housing Fund (NHF), to qualify for a mortgage of as much as N15 million at a six per cent interest rate.
“This is the very first project that I am coming here to hand over keys in Lagos.
“The problem is that a lot of people do not know that this kind of interest rate exists, you can only get it in Europe.
“My advice to Lagos residents is that you don’t have to have that money in bulk, look for your primary institution like the foremost primary institution on housing, FHA Mortgage Bank.
“They will listen to you, they will profile you and they will assist you. They can give you as much as N15 million after looking at your profile and assessing you as an individual who is working to ascertain you have a sustainable income,’’ he said.
He said that the Muhammadu Buhari administration was committed to bringing back life to the housing industry by encouraging the private sector with minimal risks.
He commended the developers of the new estate who went into partnership with the FHA to make the project a reality.
On the proposed redevelopment of FESTAC extension, Ashafa explained that an out of court settlement was underway with encroachers through a Verification, Regularisation, Rejuvenation and Recovery strategy.
He added that the FHA had gone into negotiations with residents associations.
He said that FESTAC housed more than 600,000 Nigerians and all the facilities were down hence the Federal Government’s collaboration with private sector in the renovation of the estate.
He said within the next one year, the stadium would be rebranded and taken over by joint collaboration of the FHA and the private sector.
“The government of President Buhari is not here to make life unbearable for Nigerians particularly when it comes to housing, he knows the challenges, we are waking up to it, we are moving with it, we are delivering.
“Part of it is what you have seen here today and we will surely at the end, be seen as one administration that has brought light back into the housing industry,’’ he said.
Ashafa also unveiled plans to rejuvenate the Abesan Estate in Lagos.
Mr Hayatuddeen Awwal, Managing Director, FHA Mortgage Bank, commended the support of the Federal Mortgage Bank of Nigeria (FMBN) which had given opportunity for completion of four estates in January.
“From January 2021 to date, this is the 4th occasion we are having.
“We have done 44 houses in Kano, through an estate fully funded by FMBN. We have done 27 houses in Katsina District of Abuja; we have done 40 in Kuje District of Abuja and here we are in Lagos, handing over keys to seven beneficiaries of the National Housing Funds.
“Here we have 38 houses involving four and three bedrooms terrace and semi-detached buildings,’’ he said.
He said that the three bedrooms sold at N38 million, four bedrooms sold for N65 but given at six per cent interest rates.
He advised those interested in the houses to join the National Housing Fund and will qualify to get up to N15 million after six months of enrolment.
Mrs Morola Babalola who spoke on behalf of other joint developers on the project, commended the single digit interest rate offered by FHA Mortgage Bank which served as motivation for the beneficiaries.
Babalola said that the 1.2 hectares estate was located within a 41 hectares newly sand filled estate under Alajapa Excision Area, adding that, land procurement and construction gulped over a billion naira.
NAN reports that subscribers of the Lekki-Lagos scheme came under the umbrella of a Thrift and Credit Co-operative Society for Telecoms workers.
They made a commitment to remittance of N150,000 monthly for a period of 25 to 30 years and took turns to laud the project and commend the Federal Government for the initiative.