As capitalism erodes the economic thought of many people, some others have not completely forgotten the low-income earners in the society. Yes, they do exist. And that is where public housing comes in to give credence to this class of people.
Last year, the International Finance Corporation(IFC), in local partnership with Africa’s CITIC Construction company launched a $300 million investment platform to develop affordable housing in sub-Saharan Africa. The idea is to erect 30, 000 homes in 5 years; and about 2,000-8,000 units, in the sub-Saharan society. The project will kick off from Kenya, Rwanda and Nigeria, and then expand to other countries. The structures are expected to be eco-friendly.
Why the massive move for a public housing initiative? Well aside making it easier for low-income earners to purchase their homes, another reason is urbanization. The influx of people from the rural to the urban areas is making a demand in the supply of houses. It is estimated that over 40,000 people migrate into African cities every day. Did you also know that the World Bank Group estimates that 40% of the world’s population, will require new housing units by 2030?
The one side of public housing is making affordable accommodation and on the reverse is job creation – planning, financing, construction, maintenance and post-construction operations. Looks like a win-win situation for Africa. More so, there will be developmental changes in the house market sector. Relevance is also given to local housing developers.
In Angola for instance, the CITIC engineering firm has been largely involved in the construction of public housing. They take credit for the 200, 000-units housing program in Kilamba Kiaxi. The company has equally set up the CITIC BN Vocational School in Angola to ensure the further education of young people who are skilled and interested in this line of profession.
In Nigeria as well, a multi-national non-profit organization, Millard Fuller Foundation (MFF), has set off with the public housing initiative in a couple of states. In time they are planning to be visible in all the states. The organization in partnership with Federal Mortgage Bank of Nigeria, has designed the payment plan in a way that the occupant pays the monthly sum of N8, 500 with long-term mortgages. Already there are about 200 units of houses with 92 units in the FCT.
Below are pictures of Angola’s Public Housing for low-income earners: