Abuja – February 5, 2024 – Viewpoint Housing News
A staggering 17 million Nigerians lack adequate housing, largely as a result of the country’s overwhelming housing deficit.
Increasing urbanization and housing policy failure have led to millions of Nigerians living in impoverished conditions, some have resorted to settle in slums and ghettos that have taken over some of the nation’s metropolitan skylines.
Initiated by the Federal Government, under the Administration of Former president Muhammadu Buhari the Family Homes Funds is a scheme that aims to provide affordable mortgages for low-income individuals and families nationwide. It is a partnership between the Federal Ministry of Finance and the Nigerian Sovereign Investment Authority, which are its founding shareholders.
Upon inception, the Fund made the pledge to deliver 500,000 houses to middle and low income Nigerians by the year 2023, a very audacious pledge! which they have worked tirelessly to fulfill.
After barely a decade, Family Homes Funds Limited is already making a positive impact in the lives of Nigerians thanks to its numerous social housing rental and home ownership schemes, such as Help To Own and Rent To Own, among others.
Since the Funds started operations in 2017, they have helped build homes for low-income familes in a number of Nigerian states, including Delta, Ogun, Kano, Nasarawa, Kaduna, Yobe, Bauchi, Borno, and Adamawa.
Even so, using funds to build new homes for lower- and middle-class families is merely a means to an end for the FHFL. The Fund have reiterated its goal in seeking to leverage the opportunity that comes with a large-scale home construction project in order to create sustainable jobs, provide families with security, and improve their quality of life.
In recognition of its outstanding contributions to the Nigerian society, the Family Homes Fund has received several accolades.
Family Homes Funds Limited’s N20 billion corporate sukuk issued by fund in 2022 was named one of the year’s most significant financial transactions by the Islamic Finance News, the highest award in the Islamic finance and banking industries.
The IFN stated that, FHFL’s source of funding and its goal of helping low-income families in Nigeria find affordable houses is related to its key standards, which include social responsibility and sustainability.
Additionally, the FHFL won the 2022 Africa Housing Awards (AHA) as the Affordable Housing Company of the Year and Housing Intervention Program of the year 2021 edition of the same award.
The FHFL was also named the (AHCN)’s Affordable Housing Finance Company of the Year 2022.
Family Homes Funds Limited (FHFL) was given an upgraded rating from “A” to “A+” by rating agency Agusto & Co. last year.
The pan-African leader in credit ratings, market research, and industry analysis asserts that, the upgrade is a reflection of FHFL’s sound financial standing and ability to fulfil its commitments, particularly towards providing affordable housing.
The Numerous Esteemed Projects of The FHFL
In June 2021 Family Homes Funds Limited in collaboration with the Borno State government completed 700 new homes for low-income earners in Chibok and Yana Yaskuri.
Thanks to the intervention, up to 3,200 families who were displaced and often living in makeshift tents had access to brand new homes in their original communities to start new lives. The scheme which was being financed by the Family Homes Funds also provided up to 12,000 new jobs for young people in the state.
In June 2023, the Family Homes Fund and the Gombe State government commenced construction on 600 new homes, a project that was carried out in partnership.The project will include a wide range of infrastructure, including marketplaces, schools, health care facilities, and recreational areas, to ensure that residents may live comfortably and securely and thrive as a community.
The project will produce at least 2,200 employment (skilled, unskilled, and professional workers) in addition to the residences. The requirement that the projects prioritise the use of local resources is projected to have a further positive influence on the local economy.
Additionally, the Kano state government and Family Homes Funds Limited (FHFL) donated five hundred new homes, which were given to the recipients in Kano state the previous year.
The Family Homes Funds in Bauchi state facilitated the construction of 1,443 dwellings in numerous locations, so granting low- to middle-class individuals, including public servants and craftsmen, the opportunity to buy affordable home.
The (FHFL) stated last year that, it will be partnering with commercial developers and state governments in six Nigerian states to create 2,754 houses for low-income families, with an investment of over N19.9 billion.
Thousands of low-income households will be able to own their own houses thanks to the 2,754 residences distributed across the states of Akwa Ibom (650 units), Enugu (250 units), Kebbi (620 units), Zamfara (600 units), Kano (500 units), and Kaduna (134 units).
The investment was projected to have generated at least 11,016 employment (skilled, unskilled, and professional workers) .
Indeed, Nigerians who had entirely given up on ever owning a home because of the exorbitant cost are now living in a new era of hope. As time goes on, more and more homes are being built alongside new employment
The Family Homes Funds Limited has made numerous timely and commendable interventions that must be continued with the utmost dedication from all stakeholders, if Nigeria is to reduce its housing deficit.
