Mortgage company banks on housing conference to woo stakeholders

Bondeni Affordable Housing Project in Nakuru on February 13, 2023. [Kipsang Joseph, Standard]

The Kenya Mortgage Refinance company is banking on the forthcoming Affordable Housing Conference to woo investors in the housing sector.

The third conference to be hosted in Mombasa next week aims to foster collaboration among key stakeholders, discuss sustainable practices, and showcase achievements in the affordable housing sector.

Themed ‘Affordable Housing for Economic Transformation and Social Inclusion’, the conference will see participants engage in in-depth discussions and networking opportunities that will contribute to the development and growth of affordable housing in the country.

In a press release to newsrooms, Kenya Mortgage Refinance company Chief Executive Officer and MD Johnstone Oltetia said the conference will provide a platform for sector stakeholders to enhance demand and supply side linkages and discuss issues affecting the delivery of affordable housing and how to resolve them.

“This conference is KMRC’s flagship stakeholder event through which we aim to foster public-private dialogue in the pursuit of Kenya’s affordable housing goals. As a company established on the strong auspices of a Public-Private-Partnership, collaboration is important to our growth and a seamless delivery of our value proposition to our stakeholders,” said Mr Oltetia.

He said the company is looking forward to transformative discussions and practical deliberations for implementation by all stakeholders in the two-day conference scheduled between November 22 and 23 at the Sarova Whitesands Hotel.

According to him, the conference will host key government officials, industry leaders, financiers, developers and other experts who play pivotal roles in driving the affordable housing agenda.

It is set to bring together an impressive lineup of distinguished speakers who will share their insights and expertise on crucial topics shaping the future of affordable housing in Kenya, and its central role and contribution to the economy.

Mr Oletia said since the inception of its operations in 2020, the company has to date disbursed Sh9.6 billion to participating lenders for on-lending to borrowers.

he said the company provides competitive, low-interest, fixed, long-term finance to participating lenders, with a long repayment period (up to 25 years), making home loans attractive and affordable.

He said through its refinancing model, KMRC has positively impacted 10,088 families.

Improvement of finance accessibility as a result of the inclusion of SACCOs as part of its lenders thus diversity and healthy competition; promoting gender inclusivity and providing access to capital market funding through its issuance of a corporate bond are among other achievements the company prides on.

The MD said KMRC has initiated the process of developing a risk-sharing facility to de-risk borrowers by offering a partial mortgage guarantee on the mortgage portfolios generated by lenders mainly from borrowers with non-formal income.

This he said,  aims to encourage lenders to shift financing down the market, widen the scope of housing finance and reduce the housing financing gap, especially for non-formal income borrowers who are considered “high risk.”

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