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The Nairobian

NHC signs Sh7 billion funding for Water Front City housing project

Real Estate

By James Wanzala | Sep 01, 2022

From left: Christopher Kirigwa, Amina Arif, Ngene Gituku and Patrick Bucha signing the FASA.

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.

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"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.