‘Why cost of FHA houses is high’

In an exclusive interview with Daily Trust in Abuja, Onuoha said FHA sources for funds in the open financial market and has to pay the prevailing interest rate which is always high and then pass this to the consumers of its products.“One of the ways that FHA can be helped is to get it back […]

In an exclusive interview with Daily Trust in Abuja, Onuoha said FHA sources for funds in the open financial market and has to pay the prevailing interest rate which is always high and then pass this to the consumers of its products.
“One of the ways that FHA can be helped is to get it back into the national budgetary provision system so that the houses it builds will now be cheaper. But as long as it goes to the open fund market to source for money its prices may be high.”
Speaking on the allegation that FHA houses are often sold before they are commissioned, he said, “I’m not aware of that. What I’m aware of is that there are so many FHA houses that are unsold because of the high cost as a result of what I’ve explained to you.”
He urged government to popularize social housing, saying, “It will benefit the housing sector a lot it.”
He expressed satisfactions at the progress social housing bill is making at the National Assembly.