As part of efforts to boost access to affordable housing delivery, FMBN is funding the construction of 264 housing units for eight 8 Cooperative Societies in Idu-Sabo, Life Camp, FCT, Abuja.
They include Nine Wall Cooperative Society; NEPA Thrift & Loans Cooperative Society; Institute of Human Virology Multipurpose Cooperative Nigeria; National Board for Arabic and Islamic Multipurpose Cooperative Societies; Elite Minds Cooperative Society Limited; Developing for People of Integrity Multipurpose Cooperative Society; National Social Trust Fund Cooperative Societies; People of Integrity Multipurpose Cooperative Society; National Social Trust Fund Cooperative Society and Federal Staff Hospital Abuja Multipurpose Cooperative Society.
Construction work started in July 2020 and has progressed at an impressive pace.
The housing project sits on twelve hectares, with each of the 33-housing units per Cooperative Society occupying 1.5 hectares.
FMBN is providing construction finance for the project under the Cooperative Housing Development Loan (CHDL).
The housing product enables Cooperative Societies with valid land titles to secure finance from FMBN to build affordable housing for their members. After construction, FMBN provides NHF Mortgage loans to cooperators who must be registered contributors to the National Housing Fund (NHF) Scheme.
Source: African Housing News