The Renewed Hope Cities and Estates program is a massive housing project aiming to build 100,000 homes across Nigeria. The first phase will deliver 50,000 units, with cities having 1,000 units and estates having 500. It’s part of President Tinubu’s plan to provide affordable housing for all Nigerians.
Who’s funding it?
It’s a Public-Private Partnership (PPP) between the government and a developer consortium (Continental Civil & Ceezali Limited). This means the government creates the environment, while the developer finances and builds the houses.
Any developer that has the financial and technical capacity like this consortium can reach out to the Ministry for this type or similar partnership.
Where are they located?
There will be cities and estates in every state and the Federal Capital Territory. Abuja and Lagos will have 20,000 units each, and other states will have at least 500-1,000 units.
Who can buy a house?
All Nigerians are eligible to own a house in any Renewed Hope Cities and Estates across the country. Civil servants, business owners, Nigerians in Diaspora and individuals or groups who desire to become home owners under the Renewed Hope Cities and Estates Program. Payment options include mortgages, outright purchase, rent-to-own, and installments.
How do I apply?
The consortium of developers has developed a user-friendly application portal that will be managed professionally and efficiently. All applications, registrations and allocations will be through the portal.
There will be a user-friendly online application portal once it launches. We’ll announce it on all platforms, so stay tuned!
Can I use a mortgage if I don’t have a regular job?
You can register with the Federal Mortgage Bank of Nigeria (FMBN) and contribute to the National Housing Fund (NHF) to access loans. You can contribute as little as 2.5% of your monthly income.
How much should I contribute to enable me access mortgage loan?
The loan amount depends on your NHF contributions and there is no cap to what you can contribute as the Fund serves as savings account towards home ownership which is refundable after years of service.
For example, Members contributing N1-10,000 can access home loan of up to N15m, members contributing N10,000- 25,600 can access up to N25m while members contributing N26,000-above can access up to N50m. The loan amount you can get depends on your contribution.
Economic Impact of Renewed Hope Cities and Estates
The Renewed Hope Cities and Estates Programme is designed to be a catalyst for economic growth. The construction and development of these new areas will generate employment opportunities, stimulate local businesses, and attract investments.
The 50,000 units to be delivered under phase 1 will create 1.2m direct and indirect construction jobs. This is in addition to the value chain effects of purchase, supply of building materials, businesses around the construction sites, etc. Overall, the project will deliver about 2.5m jobs for Nigerians and open up hundreds of construction sites in the country thereby creating wealth and improving living conditions of millions of Nigerians.
