Family Homes Funds (FHF), a housing finance establishment, who focuses on ensuring affordable homes for Nigerians on low-income has restated the conditions for accessing its housing funds.
Speaking during a one-on-one virtual interactive session with the Housing TV Africa, an initiative of the Housing Development and Advocacy Network (HDAN), the FHF Managing Director, Mr. Femi Adewole renewed the company’s commitment to affordable housing, saying FHF is ready to assist as many developers as possible, as long as they follow the company’s rules of engagement.
He expressed worry over the attitudes of many developers who lack needed experience in the area of project financing, adding that the major emphasis while giving out funds to developers is on the possibilities of getting such monies back.
While stating the criteria for accessing housing funds, Adewole highlighted the fundamental cues required from developers to have a good chance of securing financing from Family Homes Funds to include, an unencumbered land title including C of O, practical ability to sell the homes built because it is in selling the homes FHF get their money back, and the technical quality of their submission, detailing an informed cost of what developers want to build and the cost is predicted by the quality of their technical submission level of details and not on speculation as it becomes difficult for FHF to finance such projects.
“Our business succeeds if we are able to provide finances to very many developers across the country who needs capital to be able to provide the homes that Nigerians need. In that sense, it is important to note that we are ready to ensure that developers succeed. Well, just as any similar organization, we are very much concerned about how we will get our money back. Once developers are able to meet those three core requirements, they must have covered over 80-percent of the requirements to access our fund”, he noted.
READ ALSO: FMBN to Build 3,700 Housing Units Across States, FCT
Conditions for Developers To Access FHF Affordable Housing Fund
Family Homes Funds (FHF), a housing finance establishment, who focuses on ensuring affordable homes for Nigerians on low-income has restated the conditions for accessing its housing funds.
Speaking during a one-on-one virtual interactive session with the Housing TV Africa, an initiative of the Housing Development and Advocacy Network (HDAN), the FHF Managing Director, Mr. Femi Adewole renewed the company’s commitment to affordable housing, saying FHF is ready to assist as many developers as possible, as long as they follow the company’s rules of engagement.
He expressed worry over the attitudes of many developers who lack needed experience in the area of project financing, adding that the major emphasis while giving out funds to developers is on the possibilities of getting such monies back.
While stating the criteria for accessing housing funds, Adewole highlighted the fundamental cues required from developers to have a good chance of securing financing from Family Homes Funds to include, an unencumbered land title including C of O, practical ability to sell the homes built because it is in selling the homes FHF get their money back, and the technical quality of their submission, detailing an informed cost of what developers want to build and the cost is predicted by the quality of their technical submission level of details and not on speculation as it becomes difficult for FHF to finance such projects.
“Our business succeeds if we are able to provide finances to very many developers across the country who needs capital to be able to provide the homes that Nigerians need. In that sense, it is important to note that we are ready to ensure that developers succeed. Well, just as any similar organization, we are very much concerned about how we will get our money back. Once developers are able to meet those three core requirements, they must have covered over 80-percent of the requirements to access our fund”, he noted.
READ ALSO: FMBN to Build 3,700 Housing Units Across States, FCT
Responding to the maximum building project finance the company can bear, the FHF boss said, “the FHF is a social housing finance agency. We are focused on ensuring that Nigerians living on the bottom income ladder have access to housing. However, we understand that even around that, we have to be flexible. Yes, we have our switch spots and the best way we can achieve it is by building houses that are below 10-million naira because that is what our target market can afford. I understand the frustration of many developers particularly in the current environment where prices of building inputs are going up. We want to work with them and do anything we can to address that.”
SOURCE: AFRICA HOUSING NEWS
