Co-operative (NACHU) To Put Up Over 125,000 Low Cost Housing Units In Kenya

KEY POINTS

  • In support of the big 4 agenda, The National Co-operative Housing Union (NACHU) has pledged to deliver over 125,000 affordable housing units during the Covid-19 pandemic.
  • To achieve this, NACHU has partnered with Finsco Africa which will serve as a project management and a strategic marketing partner.
  • According to Finsco's CEO John Kogi, the company and the union have established a program to finance landowners to build homes.

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In support of the big 4 agenda, The National Co-operative Housing Union (NACHU) has pledged to deliver over 125,000 affordable housing units during the Covid-19 pandemic.

As a result, NACHU has come up with a strategic plan to deliver not less than 125,000 affordable houses in the country in a bid to support president Uhuru Kenyatta’s Big 4 Agenda.

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To achieve this, NACHU has partnered with Finsco Africa which will serve as a project management and a strategic marketing partner in one of its multi billion projects called Riverline Ridges.

According to Finsco’s CEO John Kogi, the company and the union have established a program to finance landowners to build homes by linking them to such things as  international financing, affordable local financing, joint venture programs and other structured partnerships.

“We have faith to deliver the targeted units within five years for those in need. This is a goal we will achieve,” said Mwaura.

NACHU is the leading affordable housing provider in Kenya, delivering strong growth in housing solutions to transform people’s lives for close to 42 years.

The project sits on more than 400 acres of land in Ruiru where phase 1 enjoys affordable pricing as low as Sh2 million for an eighth of an acre.

“Low pricing rates has immensely rallied Kenyans behind the Riverline Ridges project which is evident by the near completion of phase one within such a short period of time amidst a

pandemic a clear indication of the insatiable appetite for affordable housing in Kenya,” said Nachu’s Chairman Francis Kamande.

He said to date, NACHU has facilitated the construction of more than 30,000 low cost housing units for Kenyans.

The Big 4 Agenda on affordable housing has faced challenges such as costly end user financing, loopholes in the regulations and policies that support easy cost of land, sectional ownership and bilateral investment options for landowners.

However, progressively through the government there have been deliberate efforts to support key players of the affordable housing agenda through the harmonization of policies between the national and county governments, infrastructure development across board through the tarmacking of both urban and rural roads.

The roads include the Mombasa Road ExpressWay, Thika Super Highway, Mombasa Road, Ngong Road, Eastern by-pass, Outering Road, connection roads that cut through Kisumu, Kakamega and Kitale, The Isiolo- Moyale Highway that passes through Marsabit, Dongo Kundu Road in Mombasa amongst others.

“The implementation of the new finance bill that is strongly enabling end user financing and the Housing bill that is supporting sectional ownership is good to us,” said Mwaura.

This creation of a conducive environment has prompted NACHU to be a key player in solving the challenge of cost of land by dealing with large-scale land to provide Kenyans with very affordable prices for both land and housing.

Phase Two of the project was recently launched and it will primarily major in the end user financing for housing development for up to 20 years, which will devolve to Machakos, Nakuru, Kajiado, Mt Kenya region counties, Kisumu, Nairobi, Kilifi, Mombasa and the Western region of Kenya.

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