Social Housing Scheme: Mayor Of Housing, My-Ace China Commends The Rivers State Governor’s Housing Plan, Suggests How To Achieve The Desired Goal
Dez Mayorz News
The DMOMA award’s most supportive brand of the year, the Mayor of Housing (My-Ace China) commends Governor Siminalayi Fubara’s proposed Social Housing Scheme in Rivers State and suggests ideas that will help to achieve the desired goal.
The top housing investor, My-Ace China (Mayor of Housing) has urged the governor to embark on decentralizing state parastatals so that people can work and live where affordable houses can be located in suburbs where the government can grab enough space. Then make basic infrastructures, schools, markets, health, and others available.
He further said that Social housing could be one of the palliatives government can deploy to effectively cushion the harsh impact of subsidy removal and hyperinflation around the corner, urged the government to
provide enabling backing and not engage in direct construction of the houses.
Dez Mayorz Media reported that Fubara’s administration promised to introduce a housing scheme at reducing the housing crisis in the state with the creation of access to homes for low-income people, which has heightened anticipation among stakeholders, particularly civil servants and investors across the housing value chain who want urgent policy rollout by the governor.
He said, “It’s foolhardy for government to think because the project appears laudable, the system has become efficient. A major mistake with government-owned enterprises in Nigeria is government initiates and wants to run them directly.
“When another administration comes, the project suffers. Then corruption leads to padding and inflation of costs in components. This hampers implementation, worse for housing which is very sensitive to quality control. The feasible option is to have it driven by the private sector.”
“This kind of scheme requires adequate land acquisition you can hardly get in the already choked-up capital city. But the governor would also notice apathy by Port Harcourt residents to go outside the city center to gain the intended affordable housing.
“With the rising cost of transportation where the majority of civil servants work at the State Secretariat in the capital city, a housing scheme at Omagwa or Obiri Ikwerre would not be that attractive.
“For a worker to travel from those off-town neighboring areas to work, the cost of transportation which has been worsened by subsidy removal would be counter-productive for the low-cost houses, meaning the opportunity would no more be cost-effective.
“I advise the promising administration to immediately embark on decentralizing state parastatals so people can work and live where the affordable houses can be located in suburbs where the government can grab enough space. Then make basic infrastructures, schools, markets, health, and others available.”
The developer builds the house for N20M, the govt decides to do a 50 percent subsidy, so, pays N10M as counterpart funding for a civil servant. The mortgage firm comes in and pays the N10M balance.
“A civil servant can then service the N10m to the mortgage firm through either their national fund or salary. That way, a civil servant is only able to pay the monthly repayment to own the house over about 10 years to the mortgage firm.
“What’s more. Rivers government needs to fish out the qualification of the housing design. There is a new trend called minimalism architecture, where bogus houses are not allowed but simple eco-friendly functional houses.
“Nigeria’s 22 to 28 million housing deficit is an emergency. Social housing could be one of the palliatives government can deploy to effectively cushion the harsh impact of subsidy removal and hyperinflation around the corner. This is why Fubara’s pledge is laudable. We pray he listens and gets it right.” – My-Ace China (Mayor of Housing) said.
My-Ace China, in advice to the governor, urged the government not to engage fully in the construction, pre-qualification, and also allocation of the intended homes to prospective owners, rather provide enabling housing environment and incentives.
Dez Mayorz Report.
