Co-operatives can serve as intervention for housing delivery, says Fashola

Minister of Power, Works and Housing, Mr. Babatunde Fashola, on Thursday August 24, 2017 has said that the Ministry of Housing is working on developing a template to use co-operatives society as an intervention for housing delivery in the country.
Fashola, who spoke at the 6th National Council on Lands, Housing and Urban Development meeting held in the nation capital, Abuja, said co-operatives have been very prolific and successful in sectors like agriculture and market organisations where the vulnerability of an individual is transformed into the strength of a group.
“Our experience has shown that very sizable parts of our population who are productive and self-employed have been excluded from formal processes that regulate access to Funding, land or housing. However, this large number of people operates successfully by themselves, in groups which they form as co-operatives to protect their common interests and pursue their developmental objectives.
“Our Government sees no reason why the successes of co-operatives in these sectors cannot be utilized to facilitate housing delivery, access and inclusion.
“We are determined to place the might of government at the disposal of groups who can form themselves into co-operatives, as enabling capacity to acquire the land, take loans, build for themselves and operate a rent to own policy for those who cannot pay full ownership cost at start.
“When our work on the review of the existing laws, and the processes for eligibility are completed, we will undertake a national launch and enlightenment program to kick the active use of co-operatives in housing delivery,” he said.
Fashola informed the Council that the government has started construction of buildings in the 33 states where land has been made available
I am pleased to report that construction has started in 33 states where land has been made available.
On the activities of the Federal Mortgage Bank of Nigeria (FMBN) Fashola said the bank has continues to deepen participation in the National Housing Fund which forms a reliable pool of funding from which she lends money to contributors by way of mortgage loans to acquire houses.
“In addition, the bank has granted loans to estate developers to build houses; and from their recent report to me, they currently have 3,823 housing units available for sale in various states of the Federation.
“The ministry has directed that these units, their prices, description, location and eligibility criteria be widely publicized in transparent offers to interested members of the public,” he said.