AHCN 2021 workshop addresses hidden opportunities for financing affordable housing

The Association of Housing Corporations of Nigeria (AHCN) have held a 3-day National Workshop on pragmatic approach to unlocking hidden opportunities for financing affordable housing in Nigeria.

The workshop which had major stakeholders and decision makers in the housing sector in attendance, took place in Lagos under the auspices of the Lagos State Development and Property Corporation (LSDPC).

Gov. Babajide Sanwo-Olu of Lagos State in his remarks recognised the housing deficit in the state, admitting that it would be tough meeting the shortfall given the daily influx of people from other parts of the country and beyond into Lagos.

Sanwo-Olu, who spoke through the Commissioner for Housing, Moruf Akinderu-Fatai recounted the efforts of his administration in providing housing through the different agencies of government including the LSDPC, direct budgetary allocations, Public-Private Partnership as well as ministerial initiatives.

The Governor reminded state civil servants of a 40% rebate granted by his administration for them to purchase units from the state’s stock of homes.

The AHCN President, Dr Victor Onukwugha in his opening address encouraged the state governments to provide and give room for their housing corporations to fulfill their primary mandate of providing affordable housing for their citizens.

He announced that the member organisations have plans underway to start a rental-housing scheme, in conjunction with the Family Home Funds Ltd.

“This is set to take off in six states after which other states will follow.

“The objective is to create an avenue where people can have access to affordable and decent accommodation. Decent accommodation enhances living standard; it promotes life, it improves productivity and delivery,” Onukwugha said.

The Managing Director/Chief Executive Officer of LSDPC, Arc. Dhikrullah Har-Yusuph in his welcome address discussed the mandates of the LSDPC and the strategies currently employed to fulfill those mandates.

Har-Yusuph highlighted the completed and ongoing projects of LSDPC around the state. He encouraged participants to enjoy their stay in Lagos and take time to look around and see the amazing job Gov. Sanwo-Olu is doing.

Participants at the workshop bemoan the increasing housing shortage and affordability crisis without corresponding actions to match the demand and calls for urgent collaboration among stakeholders with pragmatic strategies that will directly address the housing and employment needs of the people.

The workshop identifies the activation of dead assets as tools for funding affordable housing and call on all state governments to support their state housing agencies in driving affordable housing across Nigeria.

The prospects of Reits as solutions to affordable housing, exploring partnership synergy in resolving housing deficit, unlocking finance barricades and limitations to affordable mass housing as well challenges of off-takers guarantor in funding affordable housing among others, were the deliberated issues at the workshop.

The workshop notes and commends the establishment and impact of Family Homes Funds and its efforts to make affordable housing available to low income earners through funding development, mortgage and rent to own scheme. A call was made to all State Governments to support their state housing corporations and make lands available to ensure the success of the family Homes Funds programs.

Housing cooperatives were also identified by the workshop as viable option to enhance housing availability and affordability as well as mobilising resources and off-takers in tackling funding mechanism challenge; and therefore call for collaboration of housing cooperatives with housing agencies in addressing affordable and low income housing shortage in Nigeria.

The event was themed “Unlocking Hidden Opportunities in Funding Affordable Housing”.