Homeowners will only pay annual interests rates of 3 percent compared to the current market rates of 18 percent under the President’s newly launched affordable housing financing program.
The ambitious affordable housing financing program is aimed at giving ordinary citizens the opportunity to become homeowners.
It comprises of two critical components – social housing and affordable housing – with the primary goal of ensuring that all Kenyans can benefit from the initiative.
“We have an opportunity in our lifetime to change and transform Kenya,” said the President in his address
President Ruto made these remarks during the groundbreaking ceremony for two affordable housing projects: the 2,000-unit Mzizima Affordable Housing Phase I and the 1,400-unit Buxton Point Affordable Housing Phase 2. located in Mvita, Mombasa County.
Earlier in the day, in Lunga Lunga, Kwale County, President Ruto inspected the KES 2 billion Shimoni Fish Port and took the opportunity to issue a KES 691 million cheque to support Beach Management Units in the five coastal counties.
The affordable housing initiative is in line with commitments the President had made in his Kenya Kwanza manifesto. The manifesto highlighted Kenya’s housing deficit of 200,000 units per year, promising to plug the gap by increasing supply of affordable housing to the market.
They also promised to increase mortgage uptake in the country by more than 30-fold. The government have taken steps to fulfill both through the introduction of a housing levy and construction of affordable housing.
However there are concerns about the quality of construction and whether the units will fall prey to cartels such as previous government housing projects.
