NHC signs Sh7 billion funding for Water Front City housing project
Real Estate
By
James Wanzala
| Sep 01, 2022
The National Housing Corporation (NHC) has signed a Financial Advisory Services Agreement (FASA) with the National Treasury and the International Finance Corporation (IFC).
The Sh7 billion agreement, which was signed at NHC House is expected to be channelled towards the execution of the NHC's housing mandate.
NHC acting managing director Dr Patrick Bucha noted the growing demand for housing in the country and the need for the NHC to bridge the gap.
"It is a fact that the housing needs of Kenyans are immense and justified. As a corporation, we realise that we have a duty to provide accessible and adequate housing to Kenyans as enshrined in the Constitution,'' he said.
Dr Bucha noted that after the signing of the agreement, the corporation will proceed with the construction of units at the NHC Waterfront City, which was launched in December 2021 in line with the government's affordable housing agenda.
READ MORE
South Sudan justifies Crawford Capital Port collection role
Farmers risk losing half their harvest, agency warns
How high-stakes home ownership dreams are shattered by city cartels
Afreximbank bets on $10bn crisis fund, gold bank to bolster African sovereignty
Africa-France summit ends with push to overhaul key trade rules
Ecobank, AGRA partner to boost agricultural financing
Kenya's infrastructure push drives demand for heavy machinery
Kenya targets North African startups in regional innovation push
French firms target Kenya housing sector after Africa summit
"After the signing of this agreement, we will be seeking a developer to design, finance and build 3,500 houses within the Waterfront City at an estimated cost of Sh7 billion. This will be an addition to the current units in Stoni Athi that are complete and available to the general public,'' added Bucha.
He further said that NHC intends to construct an integrated community within the city.
"Using a well thought out master plan, the corporation intends to construct an integrated community within the city. Apart from 9,500 housing units, the master plan also provides for the construction of complementing amenities such as a hospital, school, recreational areas and a shopping mall,'' said Bucha.
NHC, whose mandate is to implement the government's housing policies and programmes, was granted a Sh3.8 billion borrowing approval to develop similar projects across the country. NHC board chair Ngene Gituku noted that the funding agreement is critical in ensuring that NHC delivers.