President Bola Tinubu has inaugurated the Renewed Hope Cities and Estate in Abuja.
According to the Presidency, the Renewed Hope Cities and Estate project is one of the top 10 policies of the administration to look forward to in 2024.
The government noted that the programme was becoming a reality as the construction of 3,112 housing units will be inaugurated on Thursday [today] in Abuja by the President.
A post made via the official X [formerly Twitter] handle of Office of the SA on Social Media to the President, states that, “The flag off marks the first phase of the proposed Renewed Hope Cities to be built across the country.”
Continuing, the posts states that the Renewed Hope Cities “will pave way for affordable and sustainable living for Nigerians and will promote integrated and functional communities in Nigeria.
“Phase 1 of the project aims to deliver 34,500 housing units in a mix of 1, 2-, and 3-bedroom affordable bungalows in Nigeria’s 30 states.
“There will also be multi-level flats to cater to low-medium income earners and terrace and detached bungalows and duplexes for the high-income earners in select state capitals.
“The state capitals include Lagos, Kano, Borno, Nasarawa, Port Harcourt, Enugu, and the FCT.
“The initiative will be implemented via the Ministry of Housing and Urban Development’s budgetary allocation, Federal Mortgage Bank of Nigeria [FMBN], and through Public-Private Partnerships with reputable developers.”
The government says “beneficiaries can leverage on FMBN to access single mortgage loans payable over 30 years using the FMBN National Housing Fund mortgage loan window, Primary Mortgage Banks, and the mechanism of the Nigeria Mortgage Refinance Company” to enable beneficiaries who desire homes that are beyond the range offered by FMBN to access home loans at commercial rates.
It adds that off-takers will also be encouraged to own the homes using the FMBN Rent-to-Own housing product which allows contributors to the NHF Scheme to move into a home without equity payment and pay towards ownership over a maximum of 30 years, depending on their age.
“This project will create over 240,000 jobs for Nigerians,” the Federal Government said.
