Uhuru Launches New Company to Oversee Ksh2 Trillion Project
President Uhuru Kenyatta, on Wednesday, launched a new firm, Kenya Mortgage Refinance Company, that will be tasked with overseeing his government's Ksh2 Trillion Affordable Housing project.
The new company was launched in partnership with both the government and the private sector with the aim of boosting the delivery of the affordable houses.
Speaking at the Windsor Golf Club, the president explained that the latest move was part of a series of initiatives being undertaken to boost the real estate industry.
“We have recently rolled out the policy framework that will guide the transformation of the housing sector.
“Establishment of the Kenya Mortgage Refinance Company that we are launching today is the highlight of these initiatives,” he stated.
The refinance company is expected to significantly contribute to the development of the housing finance market in Kenya and help reverse the low mortgage penetration by increasing the number of mortgages from the current 26,000 to over 60,000 by 2022.
According to the president, the company will provide fixed rate long-term funding to primary mortgage lenders, which will be passed to home buyers.
“Fixed rate mortgages would protect homeowners from the risk of interest rate volatility, hence allowing them to be in control of their monthly commitments and afford their homes,” continued the president.
On Friday, Principal Secretary Housing Urban Development Charles Hinga disclosed that the housing project had received funding offers of Ksh3 Trillion which surpassed their target of Ksh2 Trillion.
"Investors are upbeat about this project. We received investment offer of $22 billion in the first round and a third of the amount in the second round from across the world,’’ explained Hinga.
The project is part of Uhuru's Big Four Agenda.
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