Seven states access N30bn Mortgage to provide affordable housing

The Managing Director, Nigeria Mortgage Refinance Company (NMCR), Kehinde Ogundimu, says over N30billion has been spent on housing schemes in Ogun and seven states.

Ogundimu said this after inspecting the Prince Court Estate, Kobape, financed by the company through Gateway Mortgage Bank Limited.

Ogundimu said the states, including Ogun, Lagos, and Rivers and the Federal Capital Territory (FCT) had accessed the fund in the last four years.

He said the NMCR recently provided N1billion to over 200 Ogun civil servants to participate in the state housing scheme.

He said the NMCR was ready to provide more fund for the second and other phases of the project.

He said: “For us, we have done about N30billion nationwide, but we have done N1billion here in Ogun. We have done it in Lagos, Abuja, Ogun Rivers; we have done around the country. About eight states have benefited from N30billion in the last four years. We decided to partner Ogun State because of the foreclosure law that it has passed. It becomes more comfortable, but I think the most important thing is that it reduces the cost of houses. Once a state has foreclosure law, those risks are reduced, he added.”

The Managing Director of Gateway Mortgage Bank, Olawale Osinsanya, said the N1billon had been disbursed to over 200 beneficiaries who have been screened and found qualified for the housing scheme.

Osinsanya said the beneficiaries had 15 years to pay the debt which had 11 percent interest.

The Commissioner for Housing, Jagujmolu Omoniyi, said the state the government had completed the first phase and was almost completed the second phase.

Nation/Hauwa Abu