Nairobi County has paid out Sh28.8 million to 48 house owners at
Old Pangani Estate paving the way for construction of 1,500 affordable
housing units in the next two years.
Governor Mike
Sonko, who handed out the cheques to the beneficiaries, most of whom
have lived there since establishment in the late 1960s, said each tenant
would receive Sh600,000 to facilitate relocation.
The
cash is to enable the Pangani tenants to rent houses in Nairobi at an
average of Sh25,000 a month for the next two years awaiting completion
of the new high-rise apartments where each would be allocated
three-bedroom units at a cost of Sh3 million repayable at Sh8,000 a
month for the next 30 years.
“My administration is on
course to construct 200,000 affordable houses in Nairobi in line with
President Kenyatta’s Big Four agenda. Phase One of the project will kick
off in Pangani Estate this month, where 1,500 affordable housing units
will be constructed in the next 10 months,” he said on Twitter. He did
not reveal the contractor.
This redefines mortgage
rules where the tenants — most of them in their late 50s and early 60s —
will benefit from the government-fronted Affordable Housing Programme
in which they are expected to pay Sh144 million. Traditionally, the
mortgage repayment period is pegged on a worker’s remaining working
tenure with a cap of 60 years when most receive a lump sum payment for
retirement and are presumed to be unable to service mortgages.
But
current changes introduced new pension schemes have seen a majority of
Kenyans receive part of their retirement perks with the rest placed in a
pensions scheme that guarantee them a monthly stipend for life.
No comments :
Post a Comment