The Managing Director of the Family Homes Funds, Femi Adewole, has said that the organisation is partnering with developers in building low-cost homes that people can afford. This, he stated when a delegation comprising of representatives of Reall UK and Millard Fuller Foundation (MFF) paid him a visit.
The event took place at the Family Homes Funds office in Abuja on Tuesday, 4th September 2018. This visit which is a part of efforts by Reall to familiarize itself with the activities of MFF and its partners in Nigeria had in attendance the Managing Director of the Family Homes Funds, Femi Adewole, the CEO of MFF, Sam Odia, staff of Reall UK comprising of Patrick Domingos-Tembwa, the Director of Investments, Amos Mthembo, a Quantity Surveyor, and some staff members of the Millard Fuller Foundation.
The Family Homes Funds Managing Director welcomed the team to Nigeria and said the Funds is an investment vehicle promoted by the Federal Ministry of Finance and the Sovereign Wealth Funds to bring capital into affordable housing delivery in Nigeria through the Social Intervention Programme.
Speaking further, he said that the Funds will leverage on its initial capital to attract other investments to deliver 500,000 homes and create about 1.5million jobs over a 5-year period through partnerships with developers.
In response, Patrick Domingos-Tembwa stated that Reall was committed to supporting its partners in the delivery of truly affordable homes around the world.
Through a partnership with the Family Homes Funds, MFF has been able to build over 500 affordable homes for low-income earners. The homes which are situated in Luvu-Madaki community of Masaka, near Abuja, include one- and two-bedroom semi-detached bungalows which sell from N2.9M only.
Family Homes Funds, an initiative of the Federal Ministry of Finance, is an innovative private sector-driven financing solution to Nigeria’s housing challenges. The Fund operates as a Public-Private Partnership and targets to raise N1trillion for housing projects.