wealth expectancy report 2019

Kenyans have contributed over Ksh. 500 million to the National Housing Development Fund, the government has revealed.

The funds which are meant to procure access to affordable housing on construction are made up of voluntary contributions of 23,000 registered members, with each member contributing Ksh. 21,700 on average.

Cabinet Secretary in Ministry of Transport, Infrastructure, Housing, James Macharia, told journalists at a media briefing that the number of Kenyans registering to contribute will go up as more units are completed.

The CS said that there that investors have so far identified land to put up 370,000 housing units while there are currently 8,800 housing projects in various stages of progress.

“There has been a slow down due to COVID-19 but eventually the target will be achieved,” he said.

The government established the national housing development fund in 2019 to assist Kenyans in accumulation g funds for home purchase.

According to the Housing Fund Regulations, 2020, every member is required to contribute a minimum of Ksh. 200 per month to the National Housing Development Fund, credited to a member’s individual account on receipt.

CS Macharia highlighted that the government is prioritizing social housing as a key component of the program in order to address the housing challenges facing slum dwellers in the country.

He was addressing a media briefing ahead of Shelter Afrique’s 39th annual general meeting (AGM) and annual housing symposium that will hosted virtually from Kenya running from September 15-17.

Read; Housing fund contributions to be voluntary