FMBN-NLC/TUC/NECA Collaborative Housing Estate, a 100 units affordable housing development was recently commissioned at Ilara-Moki in Akure, Ondo State.
The development is a result of a collaboration between the Federal Mortgage Bank of Nigeria (FMBN) and the Nigeria Labor Congress (NLC). In addition, the Trade Union Congress (TUC), and the Nigeria Employers’ Consultative Association (NECA) contributed to the project.
Noteworthy, FMBN-NLC/TUC/NECA Collaborative Housing Estate is developed under the National Affordable Housing Delivery Programme (NAHDP). With this program, the federal government aims to deliver decent, safe, and quality housing for Nigerian workers at affordable prices.
FMBN-NLC/TUC/NECA Collaborative Housing Estate to facilitate the homeownership dream of Nigerian workers
The Executive Director, of Business Development and Portfolio Management at FMBN, Mr. Kingsley Chukwuma, commented on the project. He said, “the commissioning of the development would facilitate the homeownership dream of the union members. The latter are also contributors to the National Housing Fund (NHF) scheme.”
According to Chukwuma, the FMBN-NLC/TUC/NECA Housing Estates housing unit comprises 20 units of 1-bedroom detached bungalows. In addition, it features 40 units of 2-bedroom detached bungalows and 40 units of 3-bedroom detached bungalows.
The residential units are fully serviced with basic infrastructure. These include internal road network/drainages and electricity. Water is also reticulated to all the housing units to create a conducive and livable environment.
According to the Executive Director of Business Development and Portfolio Management at FMBN, NHF is a mandatory contributory scheme. It requires Nigerian workers in both public and private sectors earning a minimum of N3,000.00 per annum to contribute 2.5 percent of their monthly income to the scheme.
Based on regular contribution, the workers become eligible to enjoy from FMBN a number of loans and services. This comes at concessionary interest rates that are repayable over a long tenor of over 25 years.
The commissioning of the FMBN-NLC/TUC/NECA Collaborative Housing Estate is an affirmation that the NHF scheme is meeting its mandate. The mandate is the provision of access to homeownership to the overriding majority of middle- and low-income working class in Nigeria.