The Federal Government has invited
developers and investors interested in being considered for the development of
the pilot 10,000 housing project under the mortgage refinance scheme of the
Nigeria Mortgage Refinance Company (NMRC) to present their technologies to
enable them participate.
The Ministerial Committee on
Presidential Initiative on Delivery of 10,000 Housing Units said that interested
parties are expected to apply on or before September 3, 2014. This was stated
in an advertorial signed by the Permanent Secretary, Federal Ministry of Lands,
Housing and Urban Development.
“Expression of interest (EOI) is
hereby requested from developers, investors and companies with special building
products, for presentation of their technologies to enable them
participate in
the provision of affordable 10,000 housing units under the Mortgage Refinance
Scheme of the Nigeria Mortgage Refinance Company (NMRC).
“Interested entities will be
considered based on preferred technologies/new building systems that are:
sustainable; cost effective; durable; environment-friendly; adaptable and in
compliance with global standards/best practices; amenable to local labour and
appreciable local content; and with low post-construction maintenance cost.
Other eligibility criteria for the
participation of developers, investors and manufacturers/suppliers of special
building products include: ownership of the technology or being its accredited
agent; technical capacity to execute the project; financial capacity to execute
the project on off-take agreement; evidence of successful execution of similar
projects in the past and location of the projects; readiness to participate
with indigenous developers and domesticate technology, in the case of
foreign-based entities; and evidence of incorporation,” it stated.
Membership of the Ministerial
Committee includes representatives of Federal Ministry of Finance, Federal
Ministry of Lands, Housing and Urban Development, CBN and NMRC.
Recall that the Federal Government
recently launched the 10,000 mortgages scheme in partnership with the private
sector operators – commercial and mortgage banks – who are members of NMRC to
assist Nigerians acquire their homes through well priced and long term mortgage
finance.
The scheme is meant to make mortgage
more affordable due to a longer tenor of up to 20 years and convenient due to
the more economically viable interest rate being targeted. It is currently
aimed at low to medium income earners who want to buy owner- occupier homes of
no more than N20 million in value.
Eligibility criteria for
registration in the scheme include: must be a Nigerian citizen; must be an
owner- occupier property (that is must live in the property); must be a least
21years old; must earn regular income; must be tax compliant and; must be able
to pay a minimum down payment of 20 percent of the value of the property being
bought.
Vanguard
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