Login Register
feel free to call 09056000005

AHCN Calls on State Governments to Back Rent-to-Own Housing Initiatives

The Association of Housing Corporations of Nigeria (AHCN) is appealing to state governments to promote affordable rent-to-own housing schemes for low and medium-income earners. The call was made by Dr. Victor Onukwugha, President of AHCN, during a two-day workshop that coincided with the association’s 48th Annual General Meeting and 111th Council Meeting in Abuja.
 
Dr. Onukwugha reiterated the critical need to address the housing issues that affect the majority of the population, highlighting problems such as insufficient housing finance, slow-moving mortgage markets, affordability challenges, complex land administration, and inconsistent implementation of housing policies.
The rent-to-own model proposed offers a practical solution, enabling tenants to gradually transition into homeowners by making regular rent payments that contribute towards homeownership over time. This scheme is particularly beneficial for those unable to afford significant down payments or secure traditional mortgages and offers a flexible route towards owning a home while living in it.
 
Dr. Onukwugha pointed out the lack of organized rental housing as a significant gap in the housing sector, emphasizing that addressing the needs of medium and low-income citizens through sustainable solutions is crucial. He noted the urgency in resolving issues such as inadequate financing, sluggish mortgage markets, land administration hurdles, and unstable policy environments.
Furthermore, he criticized the overlapping functions between state housing agencies and ministries, which he said could lead to inefficiency and wasted resources. Dr. Onukwugha stressed the importance of evolving with the times and adapting new approaches to effectively meet emerging housing challenges.
 
"It’s imperative that we collaborate as stakeholders to comprehensively address our housing issues," he stated. "The housing sector holds significant economic potential that can drive recovery if we align our efforts to tackle housing shortages and affordability issues effectively."
 
Dr. Onukwugha also advocated for focused policy formulation and oversight by housing ministries, suggesting that entities like the Federal Housing Authority should spearhead mass housing projects nationwide. He called for robust partnerships and advocacy to influence policy decisions at every level, ensuring that actions match the commitments made to resolve housing challenges in Nigeria.
 
Source: PunchNG

Similar Topics

The Real Estate Developers Association of Nigeria has announced initiatives aimed at enhancing...

2 days ago Read More

The Global Environment Facility has approved $3.28m to tackle land degradation in Kebbi State under...

5 days ago Read More

The commercial real estate market is currently grappling with several major challenges, including...

11 days ago Read More

Real estate development is a key driver of economic growth in any region, and Africa is no...

11 days ago Read More

The Federal Government has signed a Memorandum of Understanding with Shelter Afrique...

16 days ago Read More

The Federal Government has issued a 90-day deadline for subscribers of the National Housing...

17 days ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has disclosed that plans are underway...

18 days ago Read More

A real estate firm, Gestpoint Nigeria Limited, has implored the Federal Government to simplify the...

18 days ago Read More

Ahmed Dangiwa, minister of Housing and Urban Development, has said that unlocking Nigeria’s...

24 days ago Read More

Experts in the built environment have emphasized that effective urban planning and infrastructure...

25 days ago Read More

The Council for the Regulation of Engineering in Nigeria (COREN) has highlighted a legislative...

25 days ago Read More

The state of the country’s economy has affected the real estate sector adversely in 2024, a...

a month ago Read More

The Council for the Regulation of Engineering in Nigeria has inaugurated a National Technical...

a month ago Read More

“This demand is particularly strong in affordable areas that offer amenities and proximity to...

a month ago Read More

The Executive Director of Projects Implementation at the Federal Housing Authority, Oluremi...

a month ago Read More

To address ongoing challenges in the housing sector, Uzo Oshogwe, the Managing Director and Chief...

a month ago Read More

  The House of Representatives has approved a significant budget increase for the Ministry of...

a month ago Read More

The Osun State Government, in partnership with foreign collaborators, has initiated a reforestation...

a month ago Read More

Dr. Seyi Olufemi, the CEO of Casafina Development Company, has counseled investors to purchase...

a month ago Read More

The Economic and Financial Crimes Commission (EFCC) is tightening regulations on estate surveying...

a month ago Read More