State mortgage firm finally gets housing plan going

The Kenya Mortgage Refinance Company (KMRC) has started setting up structures for actualising the Government’s affordable housing plan.

More than a year after the lender was incorporated and months after its launch, KMRC now wants to start recruiting staff.

The firm wants to construct 500,000 affordable housing units by 2022 under the State’s Big Four agenda. [Standard]

The firm is first looking for a consultant to help it develop the terms for the talent that it will need to drive the agenda for the construction of 500,000 affordable housing units by 2022 under the State’s Big Four agenda.

Launched in May this year, it is currently managed by an acting chief executive with a thin staff.

"KMRC wishes to engage an experienced Human Resource consultant to support the company develop its human resource needs, including the organisation structure, salary and benefits structure and a comprehensive human resource manual,” said KMRC in a statement yesterday inviting HR consultant to bid for the job.

The Government created the company with a view to offering cheap loans to banks, targeting civil servants, self-employed persons or salaried employees with.

The loans will have a tenure of up to 30 years to reduce the pressure of repayment.

This is expected to substantially grow the number of mortgage loan accounts in the country, currently in the region of 30,000, where it has stagnated for years.

"KMRC was incorporated on April 19, 2018, as a non-deposit taking financial institution under the supervision of Central Bank with the single purpose of providing long term funds to primary mortgage lenders (banks, microfinance banks and Saccos) in order to increase the availability of mortgage loans to Kenyans,” said KMRC.