The government plans to launch the Kenya Mortgage Refinancing Company by February 2019. This is according to the State’s affordable housing strategy which has gained momentum over the past few months. The financing has already been registered and regulations drafted.
The Standard established that ‘discussions between the State Department of Housing and Urban Development and the National Treasury on the establishment of a National Housing Development Fund are also in their final stages.’
Flagship projects in the affordable housing plan include Park Road, Starehe, Shauri Moyo and Mavoko. The government has already secured lease documents and is currently working on a housing portal for the schemes. Infrastructure CS Macharia also said that all sites to accommodate the planned 500,000 houses have been identified.
Related; A third of employees willing to make contributions to affordable housing fund
The CS said that the Ministry is “working with ICTA (Information and Communication Technology Authority) to develop a housing portal where people register to buy houses.”
“We are evaluating building materials and technology providers for housing building materials and technologies exhibition,” he added.
Other milestones by the ministry include the signing of MoUs with seven county governments for development of at least 2,000 housing units in each county and completion of the Sectional Properties Act review.
According to the master plan, the flagship projects will deliver 167,640 housing units with Nairobi County expected to deliver 67,800 units. This include Park Road (1,640 houses), Makongeni (20,000), Muguga Green (900), Shauri Moyo (5,300), Starehe (3,500) and Mavoko (5,500) among other projects.
