Housing Deficit: Shelter Afrique, Family Homes Funds Sign MoU

• Housing Deficit: Shelter Afrique, Family Homes Funds Sign MoU

Shelter Afrique and Family Homes Funds have signed a memorandum of understanding (MoU) to develop decent and affordable homes for Nigerians.

Shelter Afrique is a pan-African finance institution that supports the development of the housing and real estate sector in Africa, while Family Homes Funds is a social housing initiative promoted by the Federal Government of Nigeria as part of its Social Intervention Programme which is focused on affordable homes for Nigerians on low-income.

The Chief Executive Officer, Shelter Afrique, Mr Andrew Chimphondah, during the signing of the agreement, noted that Nigeria remains the firm’s biggest market and target for affordable housing.

He explained that one of the reasons for the MoU was to co-fund specific deals, share market knowledge and operate in line with best practices.

Chimphondah stressed that the focus of the agreement is to solve the affordability challenge in the demand and supply side.

He said: “We are very grateful to get into a partnership with Family Homes Funds and we are delighted to sign the MoU.

“One of the things we realized when we re-strategise over the last few years is that beyond financing affordable housing, one of our strengths was leveraging our partnerships and networks.”

The Chief Executive Officer further disclosed that Nigeria alone accounts for 22 million housing deficit out of the total 56 million on the continent, which, according to him, is about 39.3 percent of Africa’s total.

On his part, the Managing Director/Chief Executive Officer of Family Homes Funds, Mr Femi Adewole, said the MoU was a small but momentous occasion as Shelter Afrique had been a housing financing organisation for more than 35 years with significant experience across many countries.

“On the other hand, Family Homes Funds is barely a couple of years old. This partnership and relationship, birthed out of this MoU provides the beginning of what I hope and expect – and we will work assiduously for it to be a very successful relationship,” he said.

He assured that both organisations would create houses for Nigerians who needed shelter the most.