ABUJA (CU)_In 1991, the federal government of Nigeria created the National Housing Fund (NHF) Scheme with the aim of increasing access to quality and affordable housing in the West African nation, through the Federal Mortgage Bank of Nigeria (FMBN). Now, several decades later, dreams are starting to become a reality for many Nigerians who have been contributing to the fund, as the FMBN recently renewed its multi-level affordable housing interventions, including financial assistance that is being provided through the FMBN Cooperative Housing Development Loan (CHDL) and other mortgage loans.
Under the CHDL scheme, the FMBN provides construction finance to co-operative societies who intend to build houses for their members who contribute to the NHF. Accordingly, co-operative societies may access loans of up to N500million at an interest rate of 10 per cent, for a period of up to 24 months with a moratorium of 12 months. Once the construction is completed, the FMBN will provide mortgage loans of up to N15million to the co-operative society members at an interest rates of 9 per cent with tenors of up to 30 years.
The Woodhill Estate, located in Kuje, Abuja, is one such housing scheme that was developed by a N997 million Cooperative Housing Development Loan obtained by the Akacare Multipurpose Cooperative Society. Last year, the Minister of Works and Housing, Babatunde Raji Fashola, commissioned the estate, which consists of two and three bedroom bungalows priced between N7.5 million and N9.5 million, that may be accessed by workers from the formal and informal sectors, who are members of the Akacare Cooperative Society.
At the time, the minister commended the FMBN for its efforts to deliver affordable housing to Nigerians through Cooperative Societies, in collaboration with industry professionals. “This string of partnerships, including subscribers who want a house, who are ready to pay for it, who can afford it; the developer who is committed to delivering it, an architect who can meet the needs of the subscribers and most importantly a bank that can translate their dreams and vision into an actual homestead, where people can say I have shelter, is important and we want to do more of it,” he said.
