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Old February 18th, 2019, 10:25 PM   #1
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Kenya Affordable Housing Programme | Countrywide | 500,000 units | Proposed



Kenya Affordable Housing Programme
Goal-To provide 500,000 Homes over a four-year period







Source Document
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Old February 18th, 2019, 10:29 PM   #2
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Since this is for the whole country, would love to keep track of this thing in one place and see if they really deliver. $26 billion is almost half our current GDP
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Old February 18th, 2019, 10:34 PM   #3
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Old February 19th, 2019, 06:52 AM   #4
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The bulk of these projects will take root in Nairobi and Mombasa...

And maybe we'll see houses in Eldoret and Kisumu.....

Plus I'd also like to see the government start a program upgrading of rural houses using prefab materials. That we can slowly ease out mud huts and give us in the rural areas modern homes and comforts.
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Old February 19th, 2019, 10:47 AM   #5
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CBK rules set the stage for mass mortgage financier
Business Daily
Quote:
Central Bank of Kenya (CBK) has published draft regulations for mortgage refinance companies (MRCs), setting the stage for creation of a State-backed firm that will advance cash to banks for on-lending to home buyers.

Through CBK (Mortgage Refinance Companies) Regulations 2019, the regulator wants non-deposit taking firms to be established under the Companies Act and licensed by the CBK to conduct mortgage refinance business.

ďThe regulations are intended to provide a clear framework for licensing, capital adequacy, liquidity management, corporate governance, risk management, and reporting requirements of MRCs,Ē says the CBK.

The MRCs will be used to advance loans to primary mortgage lenders such as commercial banks, microfinance banks and saccos using funds from the capital markets so as to provide affordable mortgages to eligible individuals.

Refinance firms are being fashioned as implementation vehicles for meeting Kenyaís affordable housing plan targeting 500,000 decent, affordable housing units by 2022.

The Finance Act 2018 amended CBK Act and empowered CBK to start licensing, regulation and supervision of the mortgage refinance businesses. The draft regulations for MRC are almost similar to those of commercial banks.

The draft regulations come at a time the Housing Fund Regulations 2018, are also still in draft form and workers are yet to start being deducted money towards funding housing projects.
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Old February 19th, 2019, 08:06 PM   #6
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Quote:
Originally Posted by Adm.Adama View Post
The bulk of these projects will take root in Nairobi and Mombasa...

And maybe we'll see houses in Eldoret and Kisumu.....


Plus I'd also like to see the government start a program upgrading of rural houses using prefab materials. That we can slowly ease out mud huts and give us in the rural areas modern homes and comforts.
There are a lot of county governments that signed MOUs to implement affordable housing projects in their respective jurisdictions. At this point, it depends on the lobbying and mobilization capacities of the respective county governments. Case in point, below is one of the projects going up in Nyeri:

Quote:
Just inspected the ongoing construction of a project comprising 91 residential and 10 commercial affordable housing units in Nyeri town. This project falls under the Housing Pillar of the Big 4 Agenda to deliver 500,000 affordable housing units across the country.
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Old February 20th, 2019, 12:38 PM   #7
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Quote:
Originally Posted by andegwa View Post
There are a lot of county governments that signed MOUs to implement affordable housing projects in their respective jurisdictions. At this point, it depends on the lobbying and mobilization capacities of the respective county governments. Case in point, below is one of the projects going up in Nyeri:



I do remember something like Kisii, Kisumu, Eldoret, and Machakos signing MOU's.

If this thing will be rolled out countrywide and doesn't stall and becomes successful. We could be seeing a new age in Kenya...
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Old February 20th, 2019, 06:39 PM   #8
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True if this thing is rolled out without "Major hitches" then we are witnessing a big change in the Kenyan real estate market.


Per Transport CS (If we can still believe him) Out of 45 counties 25 governors have signed MOU's to provide land. Reason why it is 45 and not 47 counties, Nairobi and Mombasa are excluded from these MOU's See video at 9:00

Per CS companies that have expressed interest are ready to commit up to $30 billion. This amount will be able to build up to 1.3 million "affordable" houses. That is more than double the target. However of course we all know not all those that express interest will build. This was just the first window by the way which means once it starts rolling they may open up a second window of expression.

Apparently they have capped the cost of these houses so no house will cost more than 2 million shillings (guessing that is the cost of building?). The cost is not capped at the number of bedrooms but per Square meter i.e at $500 per square meter . So it is up to the builder to determine the size of each room.

Example UNOPS is committed to building 100,0000 units countrywide.
Another Middle east company committed to building 140,000 units

That is two of the commitments and he says they have over 300 commitments.

As of last week private Sacco's had committed more than 6,000 acres of land in the Nairobi metropolitan area.

Some of the places mentioned were

Park Road (Affordable housing already Under Construction)
Makongeni (Pension fund owned land committed)
Mavoko (Some owned by government some owned by NSSF)
Shauri Moyo
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Old March 12th, 2019, 10:54 PM   #9
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River Estate affordable housing project in Ngara
















Quote:
Earlier today, I attended the ground-breaking ceremony of the Riverfront Estate affordable housing project in Ngara, Starehe Constituency.
The project being done by Edermann Property will have 24,000 housing units.
I waived buildings approval fees in Nairobi County in order to boost affordable housing projects by my administration and the national government.
My administration intends to construct 200,000 housing units in Nairobi by 2022 in line with President Uhuru Kenyatta' s big four agenda. Source


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Old March 14th, 2019, 06:08 AM   #10
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Hinga is the Only person that seem to push most ideas that we've discussed on here for ages! A lot of people on here are of the view that for us to get rid of slums, developers should set aside units for low cost housing too. Hinga is now pushing for a law to force developers to allocate 1/3rd of the development to low cost housing. Wonder if our dumb greedy MPs will pass this law
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Old March 20th, 2019, 10:48 AM   #11
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Does anyone have the renderings of the proposed affordable housing project?
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Old April 9th, 2019, 02:08 PM   #12
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This project is already underway in some areas. I saw the Nyeri project. A huge block under construction within the CBD opposite the Old municipal market on grounds that used to house KPTC/Posta workers.

Its on the 4th floor now and they are using prefabs for the walls. Sorry, its quite hard to take pics sometimes but I'm sure they will surface.
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Old April 16th, 2019, 10:27 PM   #13
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Old April 20th, 2019, 07:45 PM   #14
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Quote:
Beyond providing decent roofs over the heads of our people, this program can have an impact on the broader economy esp now when the economy is sluggish. This is a perfect stimulus package (antidote)as itís both labor & capital intensive.








Quote:
So what we have done at the State department is we have stripped the house to itís components and identified which of those and materials we need can be made locally. We then extrapolated this and applied it to entire program and the results are mind boggling.

Clearly we all donít need to be developers but the real game changer is in the downstream opportunities. Take cement for instance, we will require 44m bags thatís almost Sh30bn, how many jobs will be created. Then you need to transport this, then we ringfence the supply to AGPO

For those in the SME sector, we have standardized most components and the designs have been done for you. This is the 1st take at creating an opportunity to scale up production of items that can be made locally. Here is the draft manual.
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Old April 26th, 2019, 11:45 PM   #15
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I know this does not mean much because of the messenger, but just hopping since it involves the private sector, may be there is some truth to it. $18 Billion is not something to sneeze at and would have an effect on the economy.
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Old April 27th, 2019, 06:38 PM   #16
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That is an average of $24,965 (Kshs 2.5 million) per unit. Should be interesting what the average cost of these units is, and how govt rebates and developer tax credits further affect these costs.
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Old April 30th, 2019, 04:06 PM   #17
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I recall the DP Ruto said it at the devolution conference. That almost 2 trillion (Ksh) of cash was already committed to the affordable housing projects... and all the cash was from foreign investors. What a better way for economic stimulus this can be. The project is not just for market correction of house prices,the benefits are so many it can inform a PhD thesis study.
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Old May 1st, 2019, 06:45 PM   #18
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World Bank approves Sh25bn loan for affordable housing

Quote:
The World Bank has approved a Sh25 billion loan for Kenyans who are unable to access affordable housing finance.

The loan is expected to provide a silver lining for the Jubilee governmentís Affordable Housing project, which has been rocked by controversy due to poor public buy-in.

The lender said on Wednesday that the Kenya Affordable Housing Finance Project (KAHFP) will support the establishment and operationalisation of the Kenya Mortgage Refinance Corporation (KMRC), a largely private sector-owned and non-deposit taking financial institution supervised by the Central Bank of Kenya (CBK).

The private sector own 80 per cent of KMRC while the remaining 20 per cent is for the National Treasury.

Besides the World Bank investments, about 20 banks and savings and credit cooperative societies (saccos) have contributed capital so far.

MORTGAGES

KMRC intends to drive the affordability of mortgages by providing more long-term funding to financial institutions, an incentive to enable them offer long tenure loans to homebuyers.

ďThe project will also assist the Ministry of Lands and Physical Planning to improve property registration and address structural constraints in the land management system in Kenya,Ē the World Bank said in a statement.

The project will be implemented through KMRC, the National Treasury and the Lands ministry.

ďWe believe Kenyaís vibrant private sector offers an excellent opportunity to crowd in privately-held skills and resources towards achieving the countryís Big Four affordable housing goals and in alignment with the World Bank Groupís Maximizing Finance for Development agenda,Ē said Felipe Jaramillo, World Bank's Kenya Country Director.

The lender did not, however, reveal the process for Kenyans to access the funds, the terms, or interest rates.

LOCKOUT

Currently, commercial banks in Kenya hold only about 26,000 mortgage loans of an individual value of Sh11million.

According to the World Bank, the 2016 interest rate cap, coupled with an overall Non-Performing Loan (NPL) ratio of 12 per cent, led banks to tighten their credit standards and offer variable rate loans, locking out middle to low income would-be homeowners.
Wish they had started with 100B but 25B is a start. May be if they see it working Kenya may be used as a model for the rest of the developing world.
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Old May 1st, 2019, 11:46 PM   #19
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They really need to link the creation of a national address system with the roll out of this program.. it's almost criminal that they haven't considered this given the logistical synergies they can take advantage off
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Old May 11th, 2019, 12:49 PM   #20
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Park Road, Ngara Progress











Quote:
First Affordable Housing project currently underway at Park Road, Ngara. The project comprises 1,370 modern & spacious apartments. These will be availed to Kenyans through the Housing Portal at KES, 1.5m for 1-bedroom units, KES 2m for 2-bedroom units and KES 3m for 3-bedroom units.

The first 228 units are projected to be completed in September this year. Three Jua Kali associations are providing inputs worth over Ksh200 million, including 8,400 doors. In total,70% of the construction materials for this project will be sourced locally.-CS Transport
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