President Bola Ahmed Tinubu will flag off the construction of 3,112 ‘Renewed Hope’ housing units in the Karsana area of the Federal Capital Territory this week.
The groundbreaking exercise, scheduled for Thursday is part of a Public-Private Partnership project signed in December 2023 between the Ministry and a consortium of companies comprising Continental Civil and General Construction Limited, and Ceezali Limited for a total of 100,000 housing units nationwide.
According to a statement by the Federal Ministry of Housing & Urban Development (FMHUD), the first phase of 20,000 housing units will be delivered in the FCT, out of which 3,112 units are to be constructed at the Karsana site.
The ground-breaking exercise to be conducted by the President; will mark the official launch of the Renewed Hope Cities and Estates programme initiated by the FMHUD to increase the housing stock in the country, and bridge the prevailing housing deficit.
In each of the six geo-political zones of the country and the FCT, the Cities will have a minimum of 1,000 housing units per site, while the Estates will have a minimum of 500 housing units per site in the remaining 30 states.
The projects, according to the Minister of Housing and Urban Development, Ahmed Dangiwa, will be designed as integrated living communities targeting all income brackets.
It will comprise bedroom blocks of flats, two-bedroom blocks of flats, and three-bedroom blocks of flats targeting low – medium income earners; two-bedroom terraces, four-bedroom terraces, four-bedroom duplexes, and five-bedroom duplexes targeting high-income earners.
While the PPP project at Karsana is being funded by the developers who also sourced for the land, the Ministry said it will facilitate access by off-takers for the houses from subscribers to the National Housing Fund (NHF) Scheme managed by the Federal Mortgage Bank of Nigeria (FMBN), an agency under the Ministry.
“The project is the first in a series that the Ministry will be embarking on in the coming weeks. Others are the 2,500 Renewed Hope City housing units at the Ibeju-Lekki Coastal City, Lagos, 500-housing unit Renewed Hope Estate in Kano and 250 housing units in 12 states, two in each geopolitical zone, as Renewed Hope Estates in Ogun, Oyo, Akwa Ibom, Delta, Abia, Ebonyi, Nasarawa, Benue, Yobe, Gombe, Katsina and Sokoto.
“At the core of the Renewed Hope Cities and Estates programme is the cross-subsidy component where 80 per cent of the housing units developed will be sold at commercial rate while 20 per cent will be sold at concessionary rates to low- and medium-income Nigerians who are members of the Nigeria Labour Congress and the Trade Union Congress. The idea is to deploy profits made from the commercial units as a subsidy for the units reserved for low- and medium-income earners,” according to the statement.
Other available housing options include; the single digit, 30-year mortgage loans to be provided by the Federal Mortgage Bank of Nigeria, rent-to-own options where beneficiaries can move in and pay towards homeownership in monthly, quarterly or annual installments, and outright purchases for high-income earners.
Recalled that the President approved N100 billion for the Ministry in the 2023 Supplementary budget and N18.9bn in the 2024 budget for the implementation of the Renewed Hope Cities and Estates as well as Urban and Slum Upgrading programmes. The Renewed Hope Cities and Estates project also made the list of the President’s Top 10 projects for 2024.
