The Federal Mortgage Bank of Nigeria (FMBN) has reiterated its commitment to improving affordable housing in Nigeria.
In a tweet, FMBN announced: “FMBN is, more than ever before, committed to improving access to decent and affordable home ownership for workers across the country who contribute to the National Housing Fund (NHF) Scheme.”
One of the latest housing projects is the FMBN/Labor Unions Workers’ Estate in Borno state – a 100-housing unit project that comprises 1,2 & 3 semi-detached bungalows. It is located near Police College, Maiduguri.
The estate is being built under the first phase of the National Affordable Housing Delivery Programme, a special FMBN collaboration with labor unions including NLC, TUC, and NECA whose aim is to design, build and deliver houses that subscribers to the NHF can afford to own within their income.
Under the arrangement, FMBN finances construction and packages NHF Mortgage loans with tenors of up to 30-years packaged for the beneficiaries at a 6% interest rate.
Work on the project commenced in 2018 and all units have been 100% completed. Facilities include roads, proper drainages, water and electricity, and neighborly spaces.