FG Set to Launch Mortgage Finance Facility to Deliver 25,000 Affordable Homes, Shettima Charges Estate Surveyors on Assets Valuation and more…

FCTA Designates 400 Hectares for the Relocation of Apo Mechanics Traders

The Federal Capital Territory Administration (FCTA) has allocated 400 hectares in Wasa, Waru District, for a permanent relocation site for traders and artisans from Apo Mechanic Village. This decision, disclosed by Abubakar Makama, the Chairman of the relocation committee, follows the establishment of a 19-member Technical Committee by the Abuja Metropolitan Management Council (AMMC) Coordinator, Felix Obuah, to ensure a smooth transition.

The relocation will prioritize Apo Mechanics traders due to construction pressures in the area. The new site, approximately 391 hectares, is accessible via several expressways and ongoing road construction will enhance connectivity. Makama assured that the committee aims to complete the relocation within the three-month timeline, ensuring fair treatment for all affected individuals.

Dangiwa Democratizes Access to Homeownership: A Revolutionary Step Forward

The Hon. Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has launched an accessible online portal under the Renewed Hope Cities and Estates Programme to democratize homeownership in Nigeria. The portal, found at renewedhopehomes.fmhud.gov.ng, simplifies the process for Nigerians to find and secure homes by allowing users to check affordability, browse listings, express interest, and receive a provisional allocation letter online.

The program covers 13 sites across the Federal Capital Territory (FCT) and several states, ensuring widespread access. It offers flexible homeownership options for individuals in the public, private, or informal sectors, including rent-to-own arrangements and 30-year home loans through the National Housing Fund (NHF) Scheme. The initiative aims for an open, transparent, and convenient process, allowing more Nigerians to transition from renting to owning homes without needing personal connections.

For more information, visit renewedhopehomes.fmhud.gov.ng

Shettima Charges Estate Surveyors on Assets Valuation

Nigeria’s Vice President, Kashim Shettima, has urged the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to provide innovative professional advice to the federal government to enhance asset valuation and drive economic growth. Represented by Tope Fasua, Special Adviser to the President on Economic Matters, Shettima emphasized the importance of recognizing and optimizing asset values, drawing parallels to Singapore's Temasek, which grew its assets from less than $1 billion in 1974 to over $250 billion today.

Lagos State Governor Babajide Sanwolu noted that Nigeria's low land use charge has attracted real estate investments, potentially boosting GDP contribution from 5-6% to 15-20%. He encouraged NIESV to innovate in advancing the real estate sector.

The newly inaugurated 26th president of NIESV, ESV. Victor Alonge, highlighted the institution's critical role in economic development and its readiness to influence and implement policies impacting the real estate industry. He emphasized the need for NIESV to be creative and proactive in its contributions to national growth.

Lagos Government Enforces Strict Documentation Requirements for Housing Transactions

To combat fraud in the housing sector, the Lagos State Government has implemented strict measures for transferring homeownership. Applicants must now provide proof of ownership, search conduct results, and valid identification, particularly in cases of lost documents.

Permanent Secretary of the Ministry of Housing, Engr. Abdulhafiz Toriola, announced that applications for ownership transfer must include a letter of allocation, payment receipts, and valid identification. For document replacement due to loss, additional requirements include a National Identification Card (NIN card), a police report, and a loss notice in a national newspaper.

All housing transaction applications must also be accompanied by a valid tax clearance certificate. Toriola emphasized that these measures aim to verify the authenticity of ownership claims and are essential due to the rising incidence of false claims. He highlighted that housing projects funded by taxpayer money require applicants to provide evidence of personal income tax.

Citizens are encouraged to utilize the opportunities provided by the state government to address the housing deficit.

FG Set to Launch Mortgage Finance Facility to Deliver 25,000 Affordable Homes

The Federal Government has announced the "Mortgage Finance Acceleration Facility" to construct 25,000 affordable housing units nationwide. This initiative is part of the Economic Stabilization Programme and will be overseen by the newly established Presidential Economic Coordination Council (PECC).

Ajuri Ngelale, Special Adviser to President Tinubu on Media and Publicity, revealed that the facility aims to provide affordable housing for those affected by rising living costs. This initiative is one of several under President Bola Tinubu’s administration to drive economic transformation.

The Renewed Hope Cities and Estates program is a major effort to close the housing deficit, planning 1,000 units in each state and 4,000 in the Federal Capital Territory. The program offers various affordable homeownership options, including mortgage loans with single-digit interest rates and 30-year terms, rent-to-own plans, and outright purchases.

The program operates as a cross-subsidy scheme, with 80% of units sold at market rates and 20% at concessional rates for low- and middle-income Nigerians affiliated with the Nigeria Labour Congress and the Trade Union Congress.

Phase One of the program, initiated in February, aims to deliver 50,000 houses across thirteen states, starting with a 3,112 housing-unit project in Karsana, Abuja. Further housing projects have been launched in nine states, with more to follow.

To enhance transparency and efficiency, the Federal Government launched the Renewed Hope Housing Online Portal in May 2024, facilitating the marketing and sale of houses under the Renewed Hope Cities and Estates program.