The Enugu State Housing Development Corporation ESHDC, has assessed 1.6 billion naira loan under the Family Homes Funds initiative of the Federal Government for the construction of low-income housing units to cushion the accommodation shortage in the state.
A close source from the Family Homes Funds who revealed this to newsmen confirmed that the Company was happy that the fund are already being utilized by the ESHDC.
He extolled the ingenuity and innovative approach of the ESHDC Management and Board in its quest to provide affordable housing for the people of the state.
Registered in 2017 and commenced operations in 2018, the Family Homes Funds is sub Sahara Africa’s largest housing fund focused on affordable homes for Nigerians on low income.
Over the next four years, the company aims to invest up to 1.3 trillion naira in the development of 500,000 homes for people on low income.
In the process, the company also aims to create up to one million, five hundred thousand jobs to enable home ownership through its creative products.
Further investigation also revealed that Enugu State Housing Development Corporation was the first corporation to be given fund in the country thereby making Enugu State the first to benefit the fund within the south-east geo-political zone.
The project which is being executed in partnership with Federal Mortgage Bank of Nigeria will provide opportunities for civil servants to own homes and reduce housing deficit in the state.
Commenting on the on going construction of the Coal City View Estate located at Ugwuoyeama axis of the state,a Management staff in the ESHDC explained that the first phase of 100 units, comprising one, two and three bedroom bungalow has reached advanced stage in construction.
He explained that the Corporation had perfected plans to access another 5 billion naira loan from Family Homes Funds that will be repaid over time with a low interest rate.
A visit to the site by our correspondent showed that the first phase of the project was almost ready as preparations were also on top gear by the early subscribers to move into their homes.
In an interaction with some intending occupants of the buildings, they commended the ingenuity and innovative plans of the Enugu State Housing Development Corporation that resulted to the huge investment by the government in the sector in the past eight years despite not having any subvention directly from government.
They maintained that the high cost of houses in Enugu metropolis was gradually reducing due to a good number of low-income houses constructed by the state government and appealed to the present administration to sustain the tempo.