FG spends N198bn to build 26,002 rent-to -own model houses

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A total of N197bn has been spent on the construction of 26,002 houses across the country.

The Federal Government announced this on Tuesday, adding that part of the funds was also used for the renovation of 13,953 homes nationwide.

The Managing Director, Federal Mortgage Bank of Nigeria, Ahmed Dangiwa, who disclosed this at an event in Abuja, stated that the Federal Government was committed to affordable housing for citizens, but noted that funding, access to land title and the cost of infrastructure were still major challenges affecting the sector.

Dangiwa said the FMBN had plans to roll out several products that would enhance home affordability, eliminate down payments and other costs associated to mortgage loan arrangements within the third quarter of this year.

According to him, the bank’s plans were targeted at various housing estates currently being constructed, adding that the projects were expected to inject over 2,000 housing units into the housing stock by 2020.

Dangiwa said, “The Rent-to-Own product designed to enhance affordability by eliminating the need for down payments and other costs associated with normal mortgage loan arrangements has also been approved and set to be rolled out within the third quarter of 2018.”

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