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Nigeria Property News

Family Home Funds Affordable Nigerian Housing

Sub-Saharan Africa’s largest affordable housing focused fund Family Home Funds has invested over 20 billion Nigerian Naira(₦) into five projects to help lower income earners own their homes.

Speaking at a fundraiser for the Real Estate Developers’ Association of Nigeria (REDAN), Family Home Funds’ managing director Femi Adewole emphasised that “a lot of money is needed” to reach the target of half a million homes.

The ambitious project has received funding support from both the African Development Bank and the World Bank; the scheme is targeting Millennium City in Kaduna with 650 homes, Royal City in Kano (757 homes), Asaba (620 homes) and Ogun state (1,074 homes).

Mr Adewole said: “We have a strong commitment. We have invested over ₦20 billion to five housing projects to support Nigerians who are earning below ₦100,000. We are also providing financing for developers who will build homes ranging between ₦2.5 million to ₦5 million.

“In addition, we are providing some assistance to the buyers of those houses and we [have] given them a deferred loan for up to 40 per cent cost of the houses.”

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