By Owoleye Oluwakayode
The Real Estate Developers Association of Nigeria (REDAN) has reaffirmed its commitment to provide at least 774,000 housing units equally distributed across the 774 local government areas (LGAs) in the 36 states and Abuja.
Delivering his welcome address on the occasion of RADAN Day, the President / Chairman of Council, Alh. Aliyu Oroji Wamakko, said the immediate focus of RADAN is to build at least 100 affordable housing units in each of the 774 LGAs.
According to him, collaboration with critical stakeholders towards actualising the project is underway.
He explained, “Consequently, our immediate focus is to build at least 100 affordable housing units in each of the 774 local government areas of the federation bringing it to a total of 77,400 housing units where it is feasible and viable. This will be implemented under our project tagged ‘Rural Urban Housing Initiative (RUHI-774).’
“As an institution on the supply side of the housing delivery equation, we have marshalled resources, interfaced with critical partners in the housing value chain which includes the Family Homes Funds Limited and Shelter Afrique to provide Construction finance; Federal Mortgage Bank of Nigeria – the Apex Mortgage Institution in the Country; and Primary Mortgage Banks under the aegis of their umbrella body, the Mortgage Banking Association of Nigeria (MBAN), as well as the Nigeria Mortgage Refinance Company with respect to Rent-to-Own and provision of Retail Mortgage facility to home-seekers who are contributors to the National Housing Fund and others for mortgage origination.
“We are also in collaboration with the Professional Bodies in the Built Industry to achieve quality standards, and Building Materials Producers and Nigerian Building and Road Research Institute (NBBRI) to actualise our quest for a Nigerian House.”
While appreciating the development partners, Wamakko said efforts were also being made with relevant organisations to disseminate information about the scheme to their employees, even as arrangements had been concluded for REDAN to sign a Memorandum of Understanding (MoU) with Shelter Afrique.
“To our partners, Stakeholders and would be off-takers, on behalf of REDAN, I wish to sincerely express our profound appreciation for your resolve to collaborate with us in achieving our goals.
“In particular, we like to appreciate the Board and Management of the Family Homes Funds Limited with whom we had earlier signed an MoU and they have already commenced processing of Members loan applications for approval.
“In the same vain, we want to express our heartfelt gratitude to Shelter Afrique for their commitment to provide construction finance for the RUHI-774 project. Infact, an MoU between us will be signed immediately after this session,” he said.
Shelter Afrique is the only pan-African finance institution that exclusively supports the development of affordable housing and real estate sector development in Africa, and it has been into strategic partnership with indigenous organisations, with a lot of products and related services to support the efficient delivery of affordable housing and commercial real estate.
Wamakko equally hinted that the association had also designed Expression of Interest Forms (EOI) with both hard and soft copies made available to the teaming home-seekers, who have expressed their interest. RUHI-774 Expression of Interest can be accessed online via: ruhi.redan.org.ng.
He congratulated AIHS on the successful hosting of this year’s edition and the virtual hosting of the 2020 which, according to him, brought innovation in a new way of doing business as a leading brand in the advocacy of housing development in the country.