Worried by high cost of accommodation in Nigerian major cities and urban centres, former President of the Nigerian Institute of Town Planners (NITP), Steve Onu, has tasked both Federal and State governments on the need to revive the state housing corporations in order to drive the low-income and social housing needs of people in any particular location.
Revival of the state housing corporations, he said, would allow them to build houses for the benefit of people in need.
Onu made the suggestions while responding to some of the questions sent to him through his mobile phone.
Onu urged the state housing corporations not to go into competition with the private sector providers who are in the business to make profit.
In addition to that, he suggested that primary mortgage banks should package a loan portfolio at below the market rate exclusively for the operators in the state housing corporations to facilitate dedication to low-income and social housing production.
“The state housing corporations should be revived to drive the low income and social housing needs of people in any particular state by building houses for the benefit of those in need.
“They should not go into competition with the private sector providers who are in the business to make profit.
“The primary mortgage bank should package a loan portfolio at below the market rate exclusively for these operators,” Onu said.
He listed challenges confronting the housing corporations to include lack of support and commitment to housing supply by state governments, low budgetary provisions, weak economic indices, inflation and political will to take bold measures to tackle social housing solutions.
To overcome these challenges, Onu wants the government to create single-digit interest rates between two to three per cent exclusively for the operators of the housing corporations of Nigeria, adding that access to pension funds for mortgages should also be facilitated.
Speaking recently during the International Conference of the Association of Housing Corporations of Nigeria (AHCN) held in Lagos, founder/president, First World Communities Ltd, Brig-Gen. P.M.O. Reis (rtd), called on operators to embark on strategic initiatives in order to become key players in affordable housing delivery on an unprecedented and sustainable large-scale in Nigeria.
According to Reis, such strategic initiatives must center on the creation of an enabling environment, promotion of research and advocacy and development of business support.
He also emphasised that they would need to modernise for effectiveness.
In his paper: ‘Re-defining Housing Corporations for Solving the Housing Deficit in Nigeria’, he urged the agencies across Nigeria to develop and promote new models for delivering affordable excellent homes while improving the existing homes
According to him, they must map out their potential, influence land release and planning policy and develop an effective and sustainable rent policy.
“Improve political interest and support for housing to ensure that it features prominently in election manifestos,” he said.
Reis also urged them to promote through research, education, forum, and other appropriate means, the development of housing units.
He called for the establishment of standards for players that will ensure maximum long-term benefits to customers and sustain the corporations.
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