Affordable Housing Development Plan By Ifedi Okwenna

ICT AND DIGITAL TRANSFORMATION PLAN PART 2 - By Ifedi Okwenna

Dr. Ifedi Okwenna

Nigeria has endemic housing challenges. The country requires a whopping 700,000 housing units annually for the next 15years to meet up her deficit. Ndi Anambra have a locked up mindset to building expensive mansions and country homes on “cash and carry” and usual out of pocket spending system, that never come so easy. We have placed less emphasis on affordable mass housing for our people who cannot afford building mansions.

For Anambra state to be the envisaged destination for youths and synergize mortgage system as a better option for home ownership, we will begin to provide synergy and partnership with mortgage institutions, real estate developers, building materials producers, sellers, distributors, citizens and residents of the State. We shall create the enabling environment for massive construction of low to medium income housing units in Anambra State. Government will designate certain areas in the state for affordable housing and make acquisition of these lands easy and seamless for genuine and capable developers for a designated period of time; partner with the Federal Mortgage Bank and other Housing Financing organizations through our primary mortgage bank, to ensure improved funding for housing construction in the state. In partnership with the citizens, we shall provide infrastructure support to housing estates to make them livable, provide sites and services plots which must be utilized within 2years of allocation; and ensure that all completed houses in the state are occupied within one year of building completion.

 Mortgage Financing for Home Ownership

In Anambra State, my government shall going forward, make owning a home a right for everyone. Therefore, every Anambra man/woman should be able to- with hard work- afford a home. We shall make them to realize that buying a home in Anambra is one of the best long-term investments they can make as residential real estate tends to rise in value every year.

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We shall encourage Ndi-Anambra to take a home Mortgage loan to own a home instead of the usual out of -pocket spending for building homes which is very difficult for many. To make this possible, we shall set up:

a. Primary Mortgage Bank: We shall in collaboration with private investors establish a statewide primary mortgage bank and invest a reasonable sum of money in the bank to enable it to live up to the responsibilities of making funding available to those who will approach it for home mortgage. The primary Mortgage Bank shall also source funds from Federal Mortgage Bank and from other financial Institutions on long- and short-term bases.
b. Other Primary Mortgage Banks: We shall encourage other reputable Primary Mortgage Banks to open offices in Anambra State and to do business with Ndi Anambra. This will bring competition and make the environment very enabling for those who want to access such loans.
c. Home Ownership Contributory Scheme. We shall establish Anambra State Home Ownership Contributory Scheme (ASHOCS) for Civil Servants, Public Sector workers and other workers within the state to contribute a percentage of their earnings towards owning a home. A certain contribution ceiling shall be reached before any contributor is allowed to access funding for his own home.
d. Real Estate Developer Credit Sale Scheme: My Government will encourage Real Estate Developers to offer certain percentage credit sale to possible buyers to enable them acquire property of their choice and complete payment after an agreed period. This is usually a short-term facility of not more than 2-3 years and with a certain percentage initial deposit on total cost.
e. New Builder Developer Loans. This is similar to the above except that in this case, the potential home owner acquires the land, makes some initial deposit while the builder who sometimes has access to mortgage financing helps him/her with the home loan to complete development. We shall synergize such arrangements to help many Anambrarians to own a home.
f. National Housing Fund: We shall identify those public sector workers in Anambra State who have been contributing 2.5 percent of their basic monthly salary to the FMBN for National Housing Fund, but who have never accessed loan for their Housing needs. Government shall compile their names and discuss with the Federal Mortgage Bank of Nigeria (FMBN) on ways we can use our statewide Primary Mortgage Bank to access their fund.

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