Wednesday, June 19, 2013 07:52
Gov't To Build 5,000 New Homes
Story by Garmonyou Wilson
The Government of Liberia through the National Housing Authority (NHA) has finalized plans for the construction of 5,000 housing units worth over US$50 million. According to the Managing Director of the National Housing Authority (NHA), Samuel Thompson the 5,000 housing units would be affordable and the creation of a home ownership and mortgage program for low to middle income earners would be introduced.
The NHA boss made the disclosure yesterday at the Ministry of Information, Culture and Tourism (MICAT) Weekly Press Briefing held in the Charles Gbenyon Press Hall. He continued that the Housing Authority conducted research on best practices from several countries to design a plan that would best suit Liberia.
He stated that in the countries in which the NHA did its due diligence it was divulged that the housing sector is used as a means of economic growth; the United States, Sweden, and South Africa were used in the study.
“For the project to work it needs the right conditions,” the NHA Boss said further. He asserted that several Liberian cities are ideal locations to begin the project as they are being boosted by economical activities, such as Kakata, Tubmanburg, and Sanniqullie. Those cities are ideal because they are surrounded by one or more concession agreements.
To mortgage is an agreement by which somebody borrows money from a money-lending organization such as a bank or savings-and-loan association and gives that organization the right to take possession of property given as security if the loan is not repaid. In the NHA plan US$29.2 million would be given to three banks by Shelter Afrique, an African development company based in Kenya to give out loans to eligible Liberians that fit the criteria. Liberians that don't have a fix monthly salary can still benefit through the program as they would develop agreements with the banks in how to pay back loans.
Between 50,000 and 100,000 jobs are expected to be created when the program gets in full swing.