The government, through the Ministry of Lands, Housing, and Urban Development, is in the final stages of recapitalizing Housing Finance Bank to enable it to expand and provide affordable mortgage finance.
To date, the bank working with the government is in the process of establishing a line of credit to enable the bank to provide affordable mortgages that will support housing development in the country, including associated services like utilities, sanitation, waste management, etc.
Already, the partnership has provided over 10,000 mortgages for incremental housing on an annual basis.
“Some of the beneficiaries include market vendors, boda boda riders, taxi drivers, etc.,” said the Minister of State (Housing) in the Ministry of Lands, Housing and Urban Development, Obiga Kania.
The bank and the government have also carried out a feasibility study on the mortgage liquidity facility, and the government (MLHUD, MoFPED, and BOU) are working jointly for the establishment of the facility.
The partnership has also led to the commencement of the review of the policy and legal frameworks with a view to introducing incentives for housing development.
