Fuller Centre for Housing unveils prototypes
The Millard Fuller Foundation finances construction of houses for the low income earners.The design called incremental housing units involves building of 270 units of studio apartments and one-bedroom units. The studio apartment is increasable to a bedroom. The one-bedroom is increasable to two bed rooms.As an uptaker pays their mortgage, they are free to increase […]
The Millard Fuller Foundation finances construction of houses for the low income earners.
The design called incremental housing units involves building of 270 units of studio apartments and one-bedroom units.
The studio apartment is increasable to a bedroom. The one-bedroom is increasable to two bed rooms.
As an uptaker pays their mortgage, they are free to increase the room to suit their need(s).
The one-bedroom costs N1.2 million while the two-bedroom is N1.8 million.
The Federal Mortgage Bank of Nigeria (FMBN) will provide uptaker mortgage financing under its informal sector window.
The informal sector window targets low income people. The conditions for access to funds are different from the normal terms.
The Millard Fuller Foundation is working in partnership with the Real UK formerly known as Homeless International, UK’s largest housing charity for international housing work.
Real UK is providing the project financing to the tune of N500 million.
The Millard Fuller Foundation works with cooperatives as well as Primary Mortgage Institutions (PMIs) through which contributions are channelled to the National Housing Fund (NHF) managed by FMBN.
In four months, the first 44 units will be dedicated, the National Director Millard Fuller Foundation, Mr Sam Odia announced at the unveiling ceremony.
He said uptakers who will pay 15 percent must apply through group housing cooperative societies.
“Here, a mortgagee rather than pay a landland endlessly, the same amount is used to pay for one’s house.
“This is one of the several initiatives to reduce the 17 million housing unit deficit. This is our own little part,” Odia explained.
He said those who buy the scheme will pay N8,000 monthly over a period of 15 years.
He said he sourced land for the project through the secondary market.
Mrs Catherine Abdul who represented FMBN congratulated the Millard Fuller Foundation noting that it has done what is almost impossible.
She said though a one-bedroom flat is sold for as much as N12 million, the Millard Fuller Foundation offers what are decent at very low cost.
Another staff of FMBN, Mrs Catherine Achileke said provision of low cost houses seems impossible in Nigeria because developers always want to make huge profit.
She said the cost of the Millard Fuller Foundation houses is only one percent of such in Abuja.
“If we have things like this in many places, we won’t have huge housing deficit,” she concluded.
Mr Godwin Ehigiamusoe, a board member of the Millard Fuller Foundation and Managing Director of Lapo Microfinance Bank Ltd. indentified housing as key need of people and appealed for support to the foundation so it is able to help many people.
Highpoint was the unveiling of the prototypes and inspection of the blocks of flats already constructed on the site.