President Bola Tinubu has formally launched Renewed Hope Cities and Estate, ushering in a new era of housing and urban development efforts.
Concurrently, the Tinubu-led administration has begun construction on a prototype housing project with 3,112 apartments in Karsana, Abuja.
The Renewed Hope Cities and Estate project is part of an effort to meet the rising need for homes and urban infrastructure.
During the inauguration, President Tinubu emphasized the necessity of providing inhabitants with cheap and high-quality housing, which would contribute to long-term urban growth.
The prototype housing project in Karsana, Abuja, comprises 3,112 dwelling units and is anticipated to meet a wide range of housing demands while also contributing to the city’s overall housing environment.
According to officials, the Renewed Hope Cities and Estates programme will operate as a cross-subsidy initiative, with 80% of the housing units sold at commercial rates and the remaining 20% offered at concessional rates to low- and middle-income Nigerians affiliated with the Nigeria Labour Congress and the Trade Union Congress.
The cross-subsidy scheme works by using revenues from commercial units to subsidise units for low- and middle-income people.
Under the Renewed Cities and Estate Programme, Nigerians have access to a variety of ownership options to help them afford homes.
These options include single-digit, 30-year mortgage loans facilitated by the Federal Mortgage Bank of Nigeria, rent-to-own schemes that allow beneficiaries to live in properties while contributing to ownership through periodic payments, and outright purchase options designed for high-income earners.
