The Family Homes Funds Limited (FHFL) is to build 500,000 houses for the poor and fund developers.

To ensure the national housing programme adheres to regulations, the Nigerian Institute of Quantity Surveyors (NIQS) and FHFL have signed a Memorandum of Understanding (MoU) on the training of FHFL staff members on costing and cost management of projects.

This was made known in Abuja when NIQS leadership, led by its President, Olayemi Shonubi, visited FHFL Managing Director/Chief Executive Officer, Mr. Femi Adewole.

Shonubi called on the firm to adopt stamped Bills of Quantities (BoQ) from registered quantity surveyors as requirement for funding housing projects.

He said only BoQ signed by a registered quantity surveyor should be accepted from developers seeking finance from FHFL.

“Doing so will ensure that only realistic and workable estimates are provided by these developers and thus reduce time and resources wasted in evaluating such schemes that are later found to be unrealistic.”

He said the adoption of BoQ-certified quantity surveyors would enable FHFL take advantage of the competencies and core values of professional cost managers on transparency, accountability, probity and value for money in developmental projects.

Shonubi urged FHFL to assist members of the institute own houses, particularly in states, Lagos, Kaduna, Niger, Rivers and Kano, as well as the federal capital.

He appealed that the Federal Capital Territory Capital (FCT) chapter of the institute, who applied for land under the mass housing programme be considered.

Earlier, Adewole said he was delighted by the gesture, noting that the gesture would ensure that its projects adhere to regulations.

He said FHFL had disbursed N68 billion to fund three of its products: the Affordable Housing Fund, Help to Own and Rental Housing Fund, to support the development of up to 500,000 Homes targeted at people on low income over the next five years.

“Towards achievement of this goal, we will work in partnership with public and private sectors developers by providing competitively priced direct financing – both debt or equity to finance projects that meet our strategic objectives,” Adewole said.

Adewole said FHFL was excited by the partnership with NIQS, assuring Nigerians of his organisation’s readiness to serve them.