To support affordable homeownership for Nigerians, the Federal Mortgage Bank of Nigeria (FMBN) will be supporting the 100,000-housing unit Renewed Hope Cities and Estates Programme with N100 billion in off-taker guarantee.
The Managing Director/Chief Executive of the bank, Shehu Usman Osidi, made the disclosure at the maiden edition of the Nigeria Police Housing Summit held at the Nicon Luxury Hotel, Abuja.
Osidi, who represented the Minister of Housing and Urban Development, Ahmed Dangiwa, as guest of honour at the summit, stated that the N100 billion off-taker guarantee will be provided to the consortium of developers for the project.
He added that the N100 billion is in addition to the bank’s commitment to provide mortgage loans to the off-takers upon completion of the houses, which will be spread across the nation with prospects of several members of the police force emerging as beneficiaries. Recall that the financing structure of this project is purely from capital market and a blend of funding from housing agencies through offtaker guarantee like this one.
The Renewed Hope Cities and Estates program is aimed to deliver over a 100,000 Housing Units in various cities across the nation. Under phase One, the program will deliver a total of 50,000 housing units across Nigeria. The Cities will have 1,000 housing units per site in one location in each of the six geo-political zones in the country and FCT, while the Estates will have 500 housing units per site in the remaining 30 States.
President Bola Ahmed Tinubu has on February 8, 2024 performed the groundbreaking for the program at the Pilot Site in Karsana, Abuja, consisting of 3,112 (448 units of 1-Bedroom Flat, 544 units of 2-Bedroom Flat, 2,040 units of 3-Bedroom Flats and 80 units of 3 &4-Bedroom Terrace Units) as part of the first phase of 20,000 units to be delivered in FCT.
The ground-breaking is one of many more scheduled ground-breaking events for several sites nationwide as we mark the commencement of the Renewed Hope Cities and Estates in 2024. Some include 2,500 Renewed Hope City housing units at the Ibeju-Lekki Coastal City, Lagos, a 500-housing unit Renewed Hope Estate in Kano and 250 housing unit in 12 states (2 per geopolitical zone) as Renewed Hope Estates in Ogun, Oyo, Akwa Ibom, Delta, Abia, Ebonyi, Nasarawa, Benue, Yobe, Gombe, Katsina and Sokoto States.
