The Family Homes Fund (FHF) has secured N200 billion mortgage loans from the Central Bank of Nigeria (CBN). The fund will be for the deployment of 300,000 homes in the 36 states of the federation and the Federal Capital Territory and would help create up to 1.5 million jobs in five years.
CBN framework for the implementation of the Family Homes Financing Scheme released Tuesday, said the Funds would be released to FMF on project basis subject to the cumulative maximum limit of N200 billion. It said the three years term loan would enable FHF finance the construction of social housing units for people on low income at an interest rate not more than five per cent per annum (all inclusive).
The apex bank said it introduced the financing initiative to support the Federal Government’s Economic Sustainability programme.
READ MORE: NESG Board Politics: Three Bank CEOs Quit
The CBN said the programme is designed to utilize at least 90 per cent locally manufactured inputs and as a result conserve foreign exchange. “In that regard the programme will deliberately aim to revitalize local manufacture of construction materials including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks etc. For example, it is estimated that the programme will require up to 1.7 million doors, seven million door hinges and locks among others”.
“The programme will house up to 900,000 children and adults (at an average of three persons/home) on low income with direct impact on health, education and economic outcomes. Most of these would currently live in informal settlements with shared facilities in unsanitary environments. Towards targeting people on low income level across the country,” it said.
“Formal written application by FHF to the CBN Governor to be accompanied with copies of the Federal Executive Council (FEC) approval, Guarantee document from the Federal Ministry of Finance, Comprehensive project plan,” it said. The initiative is to be implemented in collaboration with Family Homes Fund (FHF) Limited as the lead developer.
 has secured N200 billion mortgage loans from the Central Bank of Nigeria (CBN)){kind=link}