Here’s some good news for all those who fall under the low-income bracket. We know that Kenya is East Africa’s largest economy and financial center. The future of Kenya’s affordable housing sector looks very positive. The United Nations Project Services (Unops) has released Sh1 Billion to enable urban housing living units to make owning a house – a reality for all.
The project is aiming to rope in other development partners who are expected to raise sh6.47 billion into planning 100,000 housing units across Kenya, said Grete Faremo, the executive director of Unops.
She further added that , “By reducing the investment risks of development activities, we are helping to bring about new partnerships between the private and public sectors. The knock-on effect means unlocking new opportunities and providing jobs for local communities, which all helps drive progress towards the SDGs,”.
“The 100,000 houses are to be constructed using green technologies and energy-efficient solar rooftops, while the implementation work will include local equipment, skills and expertise. The key priority is inclusion of public facilities—children’s playgrounds, schools and community halls,” said the statement.
The bright side of this funded project would be that it gives President Uhuru Kenyatta’s housing projects ( Affordable housing is one of the ‘BIG 4’ projects in line with the agenda set by him in 2018 along with food security and health coverage) to avail 500,000 affordable housing units below sh1 million and a social housing plan worth Sh 600,000 along with 2 and 3 Bedroom units that will have be set below sh 3 Million.
However, there have been too many challenges that the federation of Kenya has faced with the unions,more so with the employers deducting 1.5 % of the workers’ salary, that was directed towards generating a fund that would be facilitating the buyers to purchase a house.
In view of the above situation, 7,000 acres of land has been provided for by the County governments to make way for pilot high-rise housing estates which is expected to be implemented in 22 counties in 2019 and is scheduled for completion by 2 years.
With a decent funding in place the future of affordable housing scenario in Kenya is sure to be a successful attempt and looks very positive for both the low-earners and the economy in general.
AHIS – Affordable Housing Investment Summit an initiative by GBB focuses on bringing together a global network of investors and developers, Government Bodies and Solution