By Echeburu Oby
The Federal Mortgage Bank of Nigeria (FMBN) has approved the sum of N491.3m to finance the Brekete Family Smart City Housing Project located in Gurku, Nasarawa State.
Arc. Ahmed Musa Dangiwa, Managing Director of the FMBN, announced this while speaking at the foundation laying ceremony of the project on Wednesday, 25th November in Gurku, Nasarawa State.
The Brekete Family Smart City sits on a 600 hectare of land and its primarily based on the concept of Sites and Services which has been expanded to integrate the option of Cooperative Housing Development Scheme financed by the FMBN.
The approval of this loan to the Brekete Family housing cooperative platform is an indication of the Bank’s genuine desire to continue to empower ordinary Nigerians in the area of home ownership through affordable mortgage financing.
Dangiwa stated that the Brekete Family Smart City would deliver 70 units of houses which will be financed by the bank through its Cooperative Housing Development Loan window.
This project offers an integrated neighborhood, holding residential homes of different groups and mixed with commercial outlets, business parks and light industries.
The integrated neighborhood idea adopted for the project is aimed at enhancing vertical and horizontal human networking in a manner that effectively supports sociocultural and socioeconomic integration.
“The bank is financing the construction of the project to the tune of N491.3m and once the houses are built, FMBN will also provide mortgage loans through selected Primary Mortgage Banks at six percent interest rate to members of the Family who are contributors to the National Housing Fund to enable them purchase the houses and repay over a maximum period of 30 years.
Dangiwa commended the Nasarawa State Government for supporting the Brekete Family on this project as well as the great support the Bank has continued to receive from the Government.
In order to boost housing delivery, he appealed to the Federal Government to recapitalize the Bank to the tune of N500bn as recommended by the National Council on Lands, Housing and Urban Development in 2017 and 2018 to boost the capacity of the Bank to deliver more.
Ahmed Isah, President and Founder of Brekete Family, stated in his remark that the project was born out of the persuasion that there is need to bridge the housing deficit in the country.
