By YINKA KOLAWOLE
The Federal Government has invited developers and investors interested in being considered for the development of the pilot 10,000 housing project under the mortgage refinance scheme of the Nigeria Mortgage Refinance Company (NMRC) to present their technologies to enable them participate.
The Ministerial Committee on Presidential Initiative on Delivery of 10,000 Housing Units said that interested parties are expected to apply on or before September 3, 2014. This was stated in an advertorial signed by the Permanent Secretary, Federal Ministry of Lands, Housing and Urban Development.
“Expression of interest (EOI) is hereby requested from developers, investors and companies with special building products, for presentation of their technologies to enable them participate in the provision of affordable 10,000 housing units under the Mortgage Refinance Scheme of the Nigeria Mortgage Refinance Company (NMRC).
“Interested entities will be considered based on preferred technologies/new building systems that are: sustainable; cost effective; durable; environment-friendly; adaptable and in compliance with global standards/best practices; amenable to local labour and appreciable local content; and with low post-construction maintenance cost.
Other eligibility criteria for the participation of developers, investors and manufacturers/suppliers of special building products include: ownership of the technology or being its accredited agent; technical capacity to execute the project; financial capacity to execute the project on off-take agreement; evidence of successful execution of similar projects in the past and location of the projects; readiness to participate with indigenous developers and domesticate technology, in the case of foreign-based entities; and evidence of incorporation,” it stated.
Membership of the Ministerial Committee includes representatives of Federal Ministry of Finance, Federal Ministry of Lands, Housing and Urban Development, CBN and NMRC.
Recall that the Federal Government recently launched the 10,000 mortgages scheme in partnership with the private sector operators – commercial and mortgage banks – who are members of NMRC to assist Nigerians acquire their homes through well priced and long term mortgage finance.
The scheme is meant to make mortgage more affordable due to a longer tenor of up to 20 years and convenient due to the more economically viable interest rate being targeted. It is currently aimed at low to medium income earners who want to buy owner- occupier homes of no more than N20 million in value.
Eligibility criteria for registration in the scheme include: must be a Nigerian citizen; must be an owner- occupier property (that is must live in the property); must be a least 21years old; must earn regular income; must be tax compliant and; must be able to pay a minimum down payment of 20 percent of the value of the property being bought.
Culled fromwww.vanguardngr.com
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