Breaking News
Translate

How cooperatives enable affordable housing in Enugu

ENUGU- SHELTER experts have disclosed that affordable housing for low income earners are only made possible though formation of cooperative societies, through which the pool could raise land and mortgage capital for their own houses.

File: Estate

This was as people of South east geopolitical zone were identified as highest contributors to National Housing Fund, but have least access as beneficiaries.

Chief Executive Officer of Lighthill Group limited, Chief Leonard Ugwu made the disclosures, Friday, in a seminar for sensitization and mobilization of Cooperative Housing schemes in Enugu.

Ugwu who said the group wants cooperative societies to take lead in making peoples housing dreams fulfilled, regretted that some cooperative societies acquire landed properties with no corresponding or judicious use of the land.

Reps probe recruitment, extortion scam in NNPC, NPA, CBN(Opens in a new browser tab)

He therefore urged cooperative societies that were yet to actualize their ultimate aim of constructing housing estates, to merge into merger cooperatives so they could meet the criteria for developing affordable houses for members.

“We want to take a lead in housing provision under the auspices of cooperative societies. We want to kick start as vanguards of this scheme; that people should come together to make their housing dreams real.

“You can get a house of yours for as less than 4 million through mortgage and the house is expandable that if your income appreciates, you can expand the house.

“Essentially, south east zone is a major contributor to national Housing Fund, but they have least access to the fund. We believe in individualism. The time for republican is gone. We want people who will now bring in welfareism,” Ugwu advised.

Making his own contribution, Manager, Enugu branch of Federal Mortgage Bank, Mr. Emeka Aroh disclosed that the bank has approved over N300 million facilities for civil servants within the year, 2019.

Aroh urged residents to embrace different product packages of the bank which enables people own their own houses without tears.

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!