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Old May 21st, 2019, 11:50 PM   #21
Netlink
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The State on Tuesday said it had received initial interest of $22 billion (Sh2.2 trillion) from potential investors toward delivery of affordable housing, even as controversy clouds the scheme.

Housing and Development Principal Secretary Charles Hinga said the ministry received 177 responses from potential investors willing to pump in the Sh2.2 trillion despite the legal and policy headwinds facing the project.

Speaking during an economic forum convened by Commercial Bank of Africa (CBA), Mr Hinga said so far about 9,900 acres of land have been pledged by private developers seeking to partner with government.

“We have had two rounds of calls to invite strategic partners. In terms of expression of interest from financiers, we received offers of $22 billion during the first call,” said Mr Hinga.

“We did due diligence and realised there were some jokers and brokers but even if we get rid of 50 per cent of them, it is still good progress.”

The Government is set to launch Kenya Mortgage Refinance Company on Wednesday, with KCB Bank having a 21 per cent stake alongside seven other lenders.

On Tuesday, CBA Kenya CEO Jeremy Ngunze said the bank is open for partnerships.

“We look forward to partnering with the Government and the private sector on this journey. We are particularly excited about the opportunity to collaborate with KMRC in bringing down the cost of mortgages,” said Mr Ngunze.

The development comes despite court cases and criticism from analysts and groups such as Central Organisation of Trade Unions, Federation of Kenya Employers and Consumer Federation of Kenya.

Institute of Economic Affairs chief executive Kwame Owino on Monday faulted the project, saying the Government did not define the housing problem clearly.

“We have a dual market structure that cannot be solved by a single solution.

We are concerned that you cannot throw money into this kind of investment and get a return,” said Mr Owino.
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Old May 22nd, 2019, 10:07 PM   #22
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Official Launch of the Kenya Mortgage Refinance Company an entity established through a Public Private Partnership arrangement



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Old May 23rd, 2019, 12:47 PM   #23
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State backed mortgage firm to lend at below 10pc

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Kenyans earning Sh150,000 and below per month are set to get house loans from local financial institutions at rates below 10 percent after the country launched its first secondary mortgage financier Thursday.

The Kenya Mortgage Refinance Company (KMRC), a Treasury-backed lender, is expected to cut the cost of home loans to single digit from the current market rate of about 13.5 percent.

President Uhuru Kenyatta Wednesday presided over the launch of KMRC, which is expected to help drive the State’s agenda of providing up to 500,000 cheap housing units by 2022.

Under the Jubilee administration’s mass housing drive, Kenyans who opt to buy their houses in Nairobi will qualify for loans of up to Sh4 million with those residing outside the capital securing up to Sh3 million.

KMRC’s funds will not be directly available to individual borrowers. It will lend money to financial institutions at low cost, enabling them to write home loans at single-digit rates.

The mortgage penetration rate, at only 2.7 percent of GDP, compares poorly to South Africa’s mortgage industry that makes up 31 percent of GDP.

KMRC’s funding is expected to drive the number of mortgage accounts to an estimated 60,000 by 2022.

Kenyans earning more than Sh150,000 per month will however continue to borrow house loans at market rates, with the role of KMRC being limited to mobilising more cash for mortgage and cushioning the primary lenders from losses linked to loan defaults.

The financier, which has so far mobilised Sh37.2 billion - Sh2.2 billion in equity capital, Sh25 billion committed by the World Bank and Sh10 billion from African Development Bank, has plans to raise an extra Sh5 billion from the capital markets.

“The KMRC has come at the right time when mortgage loans are very expensive, to provide incentive to primary mortgage lenders to offer longer-tenor loans,” said Treasury Secretary Henry Rotich, adding that the country “has the right conditions for it to succeed.”

The non-deposit taking KMRC, which is set to be operational from next month, plans to issue bonds at the capital markets and mobilise more funds from international development institutions.

Commercial banks

It is 20 percent owned by the Treasury with eight commercial banks, 11 deposit-taking Saccos and one micro financial institution holding a combined 80 percent stake. Shelter Afrique, a pan-African finance institution as well as the Word Bank’s private lending arm, International Finance Corporation, are said to be currently undertaking due diligence, keen to join the list of KMRC shareholders later in the year.
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Old June 8th, 2019, 07:49 PM   #24
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Tokyo proves that housing shortages are a political choice

Japanese homes are cheaper because they build more

Compared to skyrocketing housing costs in many Western cities, Japan has seen remarkable success in supplying affordable housing – even in cities with lots of economic growth. While average mean rents in London are upwards of £2,000, average rents in Tokyo are about £1,300 – even after Brexit-related depreciation of pound sterling.

This isn’t caused by social housing or danchi – less than 5 per cent of homes across Japan are socially rented, compared to about 17 per cent in England. And it’s not because Japan’s population is shrinking either – Tokyo’s population is still growing due to migrants from other parts of Japan and abroad.

Instead, it’s because the supply of housing in Japanese cities is responsive to local demand. While the UK saw about 194,000 houses start construction last year, Japan saw 942,000 housing starts last year.

Even though Japan demolishes and rebuilds lots of houses, the net increase in homes is still much larger than the UK – about 600,000 homes (Table 5) are added to Japan’s dwelling stock every year. Tokyo has added roughly 110,000 homes a year since 2003, compared to 20-40,000 a year in London over the same period.

https://www.citymetric.com/fabric/to...al-choice-4623
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Old June 10th, 2019, 06:06 PM   #25
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Mavoko Affordable Housing Project









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Mavoko Affordable Housing Project that is almost complete. It comprises 453 houses, 87 market stalls, 13 shops and 12 Jua kali sheds. Social amenities include a primary and nursery school, and a multi-purpose social center.
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Old June 11th, 2019, 07:41 PM   #26
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Good job there whoever is sponsoring this project.
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Old June 13th, 2019, 05:37 AM   #27
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The ground breaking for the construction of affordable housing at Tatu City by Unity Homes

























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The affordable housing project by one of our members Unity Homes was officially launched last week at @Tatu_City. Local developer Unity Homes will build 1200 housing units, to address the government's agenda in providing affordable homes to Kenyans.-Source
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Old June 13th, 2019, 11:26 AM   #28
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Originally Posted by Netlink View Post


The ground breaking for the construction of affordable housing at Tatu City by Unity Homes



I wonder if the unity homes site is next to a factory/warehouse/godown as seen in the image above? Is there no buffer zone between the Industrial zone and residential nodes? If this is the case, I see a problem in the long run. Industrial zones will have high vehicular traffic esp trucks and also noisy.
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Old June 13th, 2019, 06:13 PM   #29
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I hope not coz that would be a problem
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Old June 14th, 2019, 04:40 AM   #30
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Originally Posted by CaspertheDj View Post
I wonder if the unity homes site is next to a factory/warehouse/godown as seen in the image above? Is there no buffer zone between the Industrial zone and residential nodes? If this is the case, I see a problem in the long run. Industrial zones will have high vehicular traffic esp trucks and also noisy.
Depends on the insulation if they'll be sound proofing.
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Old June 14th, 2019, 06:07 AM   #31
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Originally Posted by CaspertheDj View Post
I wonder if the unity homes site is next to a factory/warehouse/godown as seen in the image above? Is there no buffer zone between the Industrial zone and residential nodes? If this is the case, I see a problem in the long run. Industrial zones will have high vehicular traffic esp trucks and also noisy.
Depends on the type of "factory" it is. If its just a simple storage area then no problem. From what I understand there will only be light industries in Tatu. These types of industries are not bad when placed close to residential areas. Its heavy polluting industries you should worry about.

Also, I'm sure many of the workers in the warehouse will live in the new low cost houses being built. So you have a closed loop system with workers and businesses in close association.
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Old June 15th, 2019, 01:01 AM   #32
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Originally Posted by brayo View Post
Depends on the type of "factory" it is. If its just a simple storage area then no problem. From what I understand there will only be light industries in Tatu. These types of industries are not bad when placed close to residential areas. Its heavy polluting industries you should worry about.

Also, I'm sure many of the workers in the warehouse will live in the new low cost houses being built. So you have a closed loop system with workers and businesses in close association.
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Old July 27th, 2019, 05:07 PM   #33
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At Ngara Park Road











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Affordable housing site, the construction of the first block (A) of two-bedroom houses with 228 units is 95 per cent complete. Source
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