The highly respected Centre for Affordable Housing Finance in Africa has found houses built by the Millard Fuller Foundation to be the lowest-priced homes by a private sector developer in Africa. This was announced in a publication on Monday 4th November 2019, by the Centre.
Situated in Luvu-Madaki, Masaka a community close to the FCT-Abuja, funding for the first phase of the Millard Fuller Foundation project known as the GrandLuvu Estate was provided by Reall in 2016. The GrandLuvu Estate features 1-bedroom, 32sqm homes with a sales price of $8040.
In 2018, the Family Homes Fund, an initiative of the federal government of Nigeria bulk-purchased 400 completed units for resale to civil servants and low-income earners in Nigeria through an affordable long-term mortgage arrangement.
Responding to this report, Sam Odia, MFF’s Chief Executive Officer says: “We are pleased to have been recognised by the Center for Affordable Housing Finance as builders of the most affordable homes in Africa. With the rising housing deficit in Nigeria, the need for truly affordable homes cannot be over-emphasised. Our desire is to further drive down the cost of our houses in order to accommodate the low-income earners who are in dire need of shelter”.
The Centre for Affordable Housing Finance in Africa (CAHF) promotes investment in affordable housing and housing finance across Africa. Funded by multiple international partners notable among them being: UKaid, FSDAfrica, Agence Francaise de Developpement (AFD), African Union for Housing Finance, CAHF is a think tank that aims to find ways to make financial markets work for the poor. A large part of their research looks at how accessible housing finance truly is, particularly for the poor.
With over 700 homes built, the Millard Fuller Foundation is poised to deliver truly affordable homes for all people in need through collaborative partnerships with individuals and organisations.
You can download a copy of the 2019 CAHF report here