It is good news for home buyers as the Kaduna State government (KDSG), Nigeria Mortgage Refinance Company Plc (NMRC) and Federal Housing Authority (FHA) Mortgage Bank have signed an agreement to create a novel mortgage blended initiative with an initial investment of N3 billion.
The tripartite deal is part of ongoing drive to create an enabling environment for affordable housing development and mortgage creation in Nigeria at single digit interest rate
Nasir El-Rufai, the Kaduna State governor, commended the participating institutions for agreeing to work with KDSG in establishing the blended rate programme, disclosing that the state had enacted a Landlord and Tenant law that encourages, empowers and protects property owners and investors.
He disclosed further tat the state had created a Mortgage and Foreclosure Authority as well as passed into law the Mortgage and Foreclosure Law (MMFL) in the state.
According to the Senior Special Adviser and Counselor to the governor, Jimi Lawal, the creation of the initiative was premised on state’s successful strides in driving institutional and policy reforms to enable investment in housing finance.
Kehinde Ogundimu, NMRC’s managing director, commended the governor, noting that Kaduna State was at the forefront of housing finance transformation and is also becoming a model state in terms of ease of doing business and mortgage friendliness.
“The creation of the blended financing initiative represents NMRC’s value proposition under the World Bank sponsored housing finance strategy aimed at removing barriers to housing finance and promoting the creation of an enabling environment for housing development and mortgage creation across states in Nigeria through the adoption and passage of NMRC’s proposed model mortgage and foreclosure law (MMFL).