{"id":5443,"date":"2017-07-24T04:16:07","date_gmt":"2017-07-24T04:16:07","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/stakeholders-seek-creation-of-national-housing-council\/"},"modified":"2017-07-24T07:38:29","modified_gmt":"2017-07-24T07:38:29","slug":"stakeholders-seek-creation-of-national-housing-council","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/stakeholders-seek-creation-of-national-housing-council\/","title":{"rendered":"Stakeholders seek creation of\u00a0National\u00a0Housing Council"},"content":{"rendered":"<p>\n<\/p>\n<div id=\"\">\n<div id=\"attachment_368906\" class=\"wp-caption alignleft\" readability=\"38\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit.jpg?resize=1270%2C714&#038;ssl=1\" data-lazy-src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/plugins\/ventra-lazy-load\/images\/1x1.trans.gif?ssl=1\" data-lazy-srcset=\"https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit.jpg 1270w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-640x360.jpg 640w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-1062x598.jpg 1062w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-320x180.jpg 320w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-281x158.jpg 281w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-562x316.jpg 562w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-531x299.jpg 531w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-487x274.jpg 487w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-974x548.jpg 974w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-600x337.jpg 600w\" alt=\"\" width=\"1270\" height=\"714\" class=\"size-full wp-image-368906 lazyload\" sizes=\"auto, (max-width: 1270px) 100vw, 1270px\"\/><noscript><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit.jpg?resize=1270%2C714&#038;ssl=1\" alt=\"\" width=\"1270\" height=\"714\" class=\"size-full wp-image-368906 lazyload\" srcset=\"https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit.jpg 1270w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-640x360.jpg 640w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-1062x598.jpg 1062w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-320x180.jpg 320w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-281x158.jpg 281w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-562x316.jpg 562w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-531x299.jpg 531w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-487x274.jpg 487w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-974x548.jpg 974w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/07\/Summit-600x337.jpg 600w\" sizes=\"auto, (max-width: 1270px) 100vw, 1270px\"\/><\/noscript><\/p>\n<p class=\"wp-caption-text\">Minister of Power, Works and <a href=\"https:\/\/amazingproperty.com.ng\/blog\/sell-your-home-online-fast\/\">Housing<\/a>, Mr. Babatunde Fashola (left); Bauchi State Governor, Mohammed Abubakar and National Chairman of All Progressives Congress (APC), Chief John Odigie-Oyegun during the opening of the 11th Abuja Housing Show organised by Fesadeb Limited in Abuja.<\/p>\n<\/div>\n<p>A tentative outlines of the shape of things to come for housing and settlements development in Nigeria may have started to emerge, as key stakeholders last week ended it\u2019s talk shop and endorsed a workable guide for the beleaguered sector in Abuja.<br \/>\u00a0<br \/>The effort, coming at the instance of the\u00a011th Abuja Housing Show organized by Fesadeb Limited yielded a lot of dividend. The stakeholders agreed that there is the urgent need to create\u00a0National\u00a0Housing Council,\u00a0where operators and professionals generate viable solutions as interest\u00a0rates of 27-30 per cent\u00a0cannot build <a href=\"https:\/\/amazingproperty.com.ng\/blog\/really-nice-property-for-sale-in-nigeria\/\">houses<\/a> for rent or for affordable long term outright sale.<br \/>\u00a0<br \/>The three- day parley attended by the Minister of Power, Works and Housing, Mr. Babatunde Fashola, who led discussions,\u00a0noted the urgency in\u00a0critical reform in the housing sector to tackle shortage of skills, lack of artisans, and\u00a0create jobs\u00a0opportunities as well as\u00a0bringing down interest rates, ensuring government incentives\u00a0to both\u00a0individual and corporate interests as it is practiced across the world.<br \/>\u00a0<br \/>According to the participants, government can\u00a0and need to\u00a0intervene in critical sectors like housing because of its potentials to generate employment and curb corruption.\u00a0\u201cAffordability is not cheapness; it is a system that allows one to buy what he would not be able to purchase\u00a0at the moment and conveniently pay later.\u00a0<\/p>\n<p>\u201cWe need appropriateness of innovative finance and infrastructure in order to address the country\u2019s housing deficit of over 17 million units. That, there is the need to build at least one million housing units per year in spite the problems of high cost and high\u00a0interest finance, through appropriate government policies.\u201d<br \/>\u00a0 \u00a0<br \/>They noted that housing for the poor or social housing programme\u00a0needs\u00a0at least\u00a0N1 Trillion through private sector, but mainly\u00a0public sources\u00a0 to\u00a0also\u00a0 stimulate economic\u00a0growth for the entire country.\u00a0Hence, federal government\u00a0should\u00a0contribute\u00a0N100billion and mobilizing business and private sectors to also partake in the programme. The Federal <a href=\"https:\/\/amazingproperty.com.ng\/blog\/mortgage-preapproval-guide-for-home-buyers\/\">Mortgage<\/a> Bank of Nigeria (FMBN)\u00a0needs to be\u00a0recapitalized to provide decent houses for people\u00a0in line with the provisions of the programme.<br \/>\u00a0<br \/>The stakeholders observed that multi-finance\u00a0approach to\u00a0housing programmes\u00a0also requires critical evaluation to enable partners, like the Nigeria Mortgage Refinancing Company (NMRC)\u00a0play their roles\u00a0effectively.\u00a0The contributory pension scheme should be explored to make available funds for investment in stable outlets like housing.<br \/>\u00a0 \u00a0<br \/>The innovations in the sector can create jobs even through informal markets feeding housing construction value chain and other related sub sectors.\u00a0 Instituting\u00a0innovative solutions could also tackle housing\u00a0infrastructure\u00a0problems. \u201cWe need to identify our responsibilities and assign them efficiently.Construction of\u00a0houses\u00a0should\u00a0reflect culture and not to destroy traditional architecture\u00a0that also relates efficiently\u00a0with other areas like roads, recreational and open spaces.\u201d<br \/>\u00a0 \u00a0<br \/>Accordingly, the summit said that experts\u2019\u00a0attention is\u00a0needed\u00a0to address\u00a0deficit issues\u00a0by examining the increasing phenomenon of vacant houses in Abuja in order to be made affordable to those in need.\u00a0Affordability\u00a0test, for example,\u00a0can\u00a0determine those in need and can afford housing, because salary alone cannot fund mortgage, resulting into\u00a0housing units not been affordable by the contributors because salaries could not service present\u00a0mortgage arrangements.<br \/>\u00a0 \u00a0<br \/>In the communique issued after the summit, they advocated for full involvement of public sector\u00a0as exemplified by\u00a0Lagos and Bauchi states\u00a0in <a href=\"https:\/\/amazingproperty.com.ng\/blog\/get-quick-loan-for-real-estate-investment\/\">funding<\/a> more infrastructure\u00a0resulting in housing delivery and job creation. They agreed that subsidies must reach single digit lending rates\u00a0by banks and mortgage companies.<br \/>\u00a0\u00a0<br \/>Attention was drawn to the fact that\u00a0there are problems of housing shortages, but, the size of the problem should not dampen our enthusiasm to find solutions.\u00a0Although, adequate\u00a0housing provision is a global problem,<br \/>\u00a0 \u00a0<br \/>\u201cWe need to build between 700,000 and 800,000 housing units annually in order to manage present crisis, yet, less than 100,000 units are built every year. To achieve this,\u00a0we need to extend the frontiers of affordability by including cooperatives, the self-employed and the unemployed\u00a0that\u00a0provide wide opportunities to our economy and families.\u201d<br \/>\u00a0 \u00a0<br \/>If the right attention\u00a0had been given to\u00a0housing, the country would not have been in regression today.\u00a0Issues of\u00a0equity contributions, <a href=\"https:\/\/amazingproperty.com.ng\/blog\/fast-flexible-real-estate-loans-usa\/\">loans<\/a> to construction companies, and high interest\u00a0bank guaranties, often faced by financiers can be tackled if government can fixed limits to their demand. <\/p>\n<p>The\u00a0government\u00a0need to leverage\u00a0land\u00a0acquisition,\u00a0titling\u00a0processes\u00a0and\u00a0charges\u00a0in addition to\u00a0providing\u00a0durable\u00a0infrastructure. This will bring the needed\u00a0vibrancy\u00a0to\u00a0the sector,\u00a0allow private sector to do and achieve\u00a0high results.<br \/>\u00a0 \u00a0 \u00a0<br \/>There is the need to have uniform underwriting standards for the self-employed, non-interest, and fore-closure laws.\u00a0Mortgage banks are\u00a0to be\u00a0encouraged to give out more loans.\u201d<\/p>\n<p>And different\u00a0approaches\u00a0like\u00a0<a href=\"https:\/\/amazingproperty.com.ng\/blog\/foreclosed-properties-and-rent-to-own-options\/\">rent-to-own<\/a>,\u00a0can be used to provide <a href=\"https:\/\/amazingproperty.com.ng\/blog\/affordable-housing-markets-for-buyers\/\">affordable housing<\/a> to the people.For wider innovative solutions, we need to get other parties in the business of housing and <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">real estate<\/a> development\u00a0involved\u00a0for affordability, availability, and acceptability\u00a0of housing and housing infrastructure.\u00a0<\/p>\n<\/div>\n<p><a hre=\"http:\/\/guardian.ng\/property\/stakeholders-seek-creation-of-national-housing-council\/\"> Guardian <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minister of Power, Works and Housing, Mr. Babatunde Fashola (left); Bauchi State Governor, Mohammed Abubakar and &hellip; <a title=\"Stakeholders seek creation of\u00a0National\u00a0Housing Council\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/stakeholders-seek-creation-of-national-housing-council\/\"><span class=\"screen-reader-text\">Stakeholders seek creation of\u00a0National\u00a0Housing Council<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,15239,2890,1399,63,617,489,344,1442,684,604,408,1032,522,41,84,15282,10234],"class_list":["post-5443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-construction","tag-development","tag-for-rent","tag-house","tag-houses","tag-housing","tag-in-housing","tag-lagos","tag-loans","tag-mortgage","tag-mortgage-bank","tag-nigeria","tag-property","tag-real-estate","tag-ross","tag-settlement"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/Summit.jpg?fit=1270%2C714&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=5443"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/5444"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=5443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=5443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=5443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}