FG launches national cooperative housing development scheme | The Guardian Nigeria News - Nigeria and World News

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“This is our socio-economic contribution to opening up this area of Kuje for other real estate developments.”

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Known as the National Cooperative Housing Development Scheme , the initiative promoted by the Federal Mortgage Bank of Nigeria is meant to boost the delivery of affordable housing to Nigerian workers.

In the scheme, FMBN provides affordable housing estate construction finance to the cooperatives through reputable developers under the bank’s cooperative housing development loan portfolio. Members of the cooperatives are expected to join the National Housing Fund scheme and make monthly contributions of 2.5 per cent of their salaries.

The affordable housing project, named WoodHill estate, is a product of FMBN’s N997million Cooperative Housing Development Loan to Akacare Multipurpose Cooperative Society for the construction of quality, decent and affordable housing units for its members that are registered contributors to the National Housing Fund Scheme.

Dangiwa added that the estate is fully serviced with basic infrastructure including an internal road network, electricity, and waterworks to create a conducive and livable environment for residents. The FMBN boss thanked the minister for his visionary leadership and aggressive drive to deepen cooperatives as a veritable tool for the provision of affordable housing to Nigerian workers.

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