The Federal Government’s Family Homes Funds Limited (FHFL) and the Federal Mortgage Bank of Nigeria (FMBN) have stated that they are collaborating towards homeownership for millions of Nigerians on low income.
This was disclosed in a statement by the Family Homes Funds on Monday, which said that the deal would enable low-income earners to have access to mortgages for homeownership.
They said, “The latest partnership between the two prominent players in the Nigeria housing sector will widen homeownership opportunities for millions of Nigerians by building more homes, enabling mortgage lending for many low-income earners across the country.”
What you should know
- The Family Homes Fund, launched in 2017, is a social housing initiative promoted by the FG as part of its Social Intervention Programme with initial shareholding by the Federal Ministry of Finance and the Nigeria Sovereign Investment Authority.
- The company aims to invest up to N1.3trn in the development of 500,000 homes for low-income earners in Nigeria.
- Secretary to the Government of the Federation (SGF), Boss Mustapha, admitted that the housing deficit in Nigeria was within the range of 16 million and 22 million.