Real Estate Developers Laud CBN N200bn Intervention Fund

The Real Estate Developers Association of Nigeria has praised the Central Bank of Nigeria for its N200bn housing intervention programme targeted at low income earners.

According to a statement issued by the association on Sunday, the fund is to fast track the construction of 300,000 homes in the country, in addition to creating up to 1.5m jobs in five years.

The Chairman, REDAN, South West, and Managing Director, RevolutionPlus, Bamidele Onalaja, hailed the initiative, adding that if sincerely applied, it would achieve the long dream of affordable housing by the public.

Speaking in Abeokuta, Ogun State, at the unveiling of the Manchester Park and Garden, Oxford Park and the launch of his cooperate office, he commended the Federal Government for not channeling the fund to the Family Home Funds.

He said the association was elated because the facility type was a term loan to enable FHF to finance the construction of social housing units for low-income earners for a three-year tenor from the date of disbursement.

The South West REDAN Chairman, however, doubted the workability the price tag of N2m on the housing units except in places such as Gombe, Jigawa and others.

He advised Family Homes Fund Ltd to ensure they give only to those who were qualified with a track record of providing affordable housing.

He said, “Land acquisition is a major issue but it is not impossible. In states such as Jigawa and Gombe, a one bed may be possible excluding land.

“In that regard, the programme will deliberately aim to revitalise local manufacture of construction materials. If the government is able to effectively handle their side of the bargain, then the whole programme will run through.”

On the criteria for qualification, Onalaja stated that a developer should have genuine land with title while the CBN would provide a consultant.

He expressed his fears regarding the transparency of the selection process to ensure genuine developers with sincere intentions benefit from it in the public’s interest.