Prof.
Osinbajo who spoke about this at the May 29 Democracy Day Broadcast
and at the Social Investment Programme’s score card presentation
yesterday organized as part of activities to mark the 2017 Democracy
Day celebration, said ``already the project has started in 11
States.’’
According
to him, ``there is also an aspect of the SIP that has not been
mentioned. This is N100 billion set aside for the Family Home Fund of
our Social Housing Project.’’
Explaining
the operationalization of the fund, Osinbajo said ``the N100 billion
is a yearly contribution to our N1 trillion Social Housing Fund, the
largest in the history of the country.
``Both the World Bank and AFDB are contributors to the fund from which developers will borrow 80% of cost of project and counter fund with their own 20%.’’
``Both the World Bank and AFDB are contributors to the fund from which developers will borrow 80% of cost of project and counter fund with their own 20%.’’
Prof.
Osinbajo added that ``the same fund will enable us to provide
inexpensive mortgages for hundreds of thousands across the country
especially for Nigerians who can afford N30, 000 per month.’’
He
said: ``we expect that this Family Housing Fund will jumpstart and
expand construction exponentially across the country.’’
For
instance, some of the houses are estimated to cost as low as N2.5
million, which would be paid for through the monthly mortgages.
Earlier
in his broadcast to the nation Prof. Osinbajo stated that ``the 2017
budget provides for substantial investment to implement our Social
Housing Programme.’’
``The
Family Home Fund of our Social Housing Programme will provide
inexpensive mortgages for low-income individuals and families across
the country,’’ he added.
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