Kenyan low income earners to pay between $30 -$100 in a new state mortgage plan

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The World Bank aims to have its platform of agritech startup solutions reach one million Kenyan farmers in three years with an eye towards eventually rolling it out across the African continent [Noor Khamis/Reuters]

NAIROBI - Kenya's government has introduced a new mortgage plan for low-income earners where they will pay between $ 30-$ 150 monthly for the next 20 years to fully own the homes built on the outskirt of the Capital city –Nairobi.

The newly launched social housing scheme by President William Ruto will see different low-income earners within the city residents who want to own a bedsitter pay $ 30.

Both the one-bedroom apartment will attract a monthly fee of $ 66 while those eyeing to own a two-bedroom house part with $ 100 monthly for two decades.

The affordable social housing scheme is being constructed at Mukuru Kwa Reuben –a slum on the outskirt of Nairobi.

These 15,000 housing units will also include social amenities like markets, schools, clinics, and hospitals for the beneficiaries to access the services at their convenience.

The president was speaking during an inspection tour of the multi-billion project located on a 55-acre land formerly belonging to the Kenya Meteorological Department but had been grabbed.

He said the project is targeting Mukuru Kwa Reuben residents to be new homeowners. Currently, the slum is home to over 110,000 households that sit on about 700 acres of land.

President Ruto “We want to turn the rent into a mortgage so that they can own the houses after 20 years. The $ 30 they are paying for rent there, they will come and pay as a mortgage.” he said.

The first five blocks are under construction with the government working on the internal infrastructure, including sewer lines, drainage, and roads within the site. The project will also house a fire station, a shopping center, and a kindergarten.

The head of state further added that “This is a huge piece of land that can house about 300,000 people, three times the number of people who are currently living there and with proper facilities and everything else.

The priority of the project is to get people living in Mukuru to come and live here. This is the only place you pay to go to the toilet, pay more for water and electricity than in other parts of Nairobi, and yet these are the people who are at the bottom of the pyramid.”

GAROWE ONLINE

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