The Fund has reached an agreement with some mortgage and commercial banks to participate in the Help to Own (HTO) Fund
The Family Homes Funds Limited (FHFL) has launched a home loans assistance programme targeted at Nigerians on low/middle income, offering them a low-cost, deferred equity loan for up to 40 per cent of the cost of their home.
The scheme targeted first time home buyers and individuals who can provide a deposit of 10 per cent of the purchase price, especially anyone who earns between N50, 000 ($120.34) and N1.7 million ($0.0041 million) yearly.
FHFL is currently working with state governments and private developers across the country to facilitate the construction of affordable homes for people on a modest income, who will offtake these homes with financial assistance through the Help To Own Programme.
Already, the Fund has reached an agreement with some mortgage and commercial banks to participate in the Help to Own (HTO) Fund.
The scheme backed by African Development Bank (AfDB) has estimated that at least 3,750 new Help to Own mortgages will be supported through this proposed intervention by the partnership with AFDB, directly resulting in the creation of approximately 9,375 direct jobs and impacting at least 18,750 beneficiaries.
AfDB has approved financing of up to $60 million for Homes Loan Assistance Programme managed by the Family Homes Funds Limited (FHFL) with the support of the Federal Ministry of Finance, Budget and National Planning.
According to Mrs. Aisha Omar, Director International Economics Relations, who led the negotiations on behalf of the Minister of Finance, Budget and National Planning, Dr. Zainab Shamshuna Ahmed, the facility, will support the Federal Government’s efforts to promote access to affordable housing finance for low-income families through the Family Homes Funds.
In response to the approval by the AfDB Board recently, the Managing Director of Family Homes Funds, Mr. Femi Adewole, said: We are grateful for the support this initiative has received from the minister and the AfDB management. It has been 18 months of tough and intensive engagement.