Family Homes Fund (FHF) has almost completed the foundation, which includes enabling legal agreements, to kick-start the National Social Housing Programme (NSHP).
Mr Femi Adewole, Managing Director of FHF, reported during the Inaugural Technical Committee meeting on Real Estate Regulation in Lagos.
NHSP is the housing component of the President Muhammadu Buhari under the Economic Sustainability Plan (ESP).
The programme is targeted at providing 300,000 low-income houses and creating 1.8 million jobs in the process across various geo-political zones of the country by 2024.
FHF has been appointed as the implementing agency to achieve these goals and has partnered with developers and direct financial institution that meets its strategic objective.
The Central Bank of Nigeria ( CBN) has already committed N200 billion facility to kickstart the project , as most of the sites where the housing project will commence have already been identified .
Adewole explained that the enabling agreement being put in place for the commencement of the project had reached about 99.9 per cent.
“We expect that by the end of the week all necessary enabling agreement for us to start funding the programme will have been completed .
“You can expect to see a very accelerated start to a number of housing projects across all regions of the country .
“The projects are already there, we have worked on them and know where they are , just awaiting funding, ” he said.
According to him, FHF is currently primarily working with the State Governments and is expecting to deliver 14,000 units for the first tranche.
The managing director noted that this will be financed very immediately as the agreement is finalised .
Adewole disclosed that 26 states across the federation as donated 2500 hectares of land ,while new states continue to embrace the scheme each day .
He said : “we have had tremendous support in all of the states in the federation and have not had any state that hasn’t keyed into the programme.
“For some, it takes longer time because of their own internal process but we have had absolute commitment from all the 36 states of the federation .
Adewole promised that Nigerians earning as low as N30,000 which is the minimum wage would benefit from the programme as planned.