The Federal Government on Tuesday performed the ground-breaking of the construction of 250 housing units, tagged: Renewed Hope Estate, in Ibadan, Oyo State.
The estate is situated at the defunct Inland Container Dry Port, Erunmu, Ibadan.
Speaking at the occasion, Minister of Housing and Urban Development, Mr Armed Dangiwa, warned contractors handling the projects against shoddy and substandard jobs.
Mr Dangiwa also urged the contractors to work on the houses according to specifications, saying the government would explore necessary legal means to ensure that they delivered in accordance with the terms of the contract.
He equally called on them to adhere to the three months completion timeline so that the process of arranging for the purchase of the houses by residents of the state could begin.
The estate comprises 50 units of one-bedroom semi-detached bungalows, 150 units of two-bedroom semi-detached bungalows and 50 units of three-bedroom semi-detached bungalows.
The minister stated that the housing units were designed in a way that would make them affordable for people to acquire by using organic designs to allow for future expansion as the income of beneficiaries increased.
He said, “This means that a one-bedroom unit can be expanded to two bedrooms and a two-bedroom unit can also be expanded to three bedrooms as the owner’s financial situation improves or their family grows.’’
On the affordability of the housing units when completed, the minister said that the government had created different options to enable everyone with a source of income and livelihood to own the homes.
“These include: single-digit mortgage loans that beneficiaries can repay over 30 years, rent-to-own schemes provided by the Federal Mortgage Bank of Nigeria and outright purchase options for those who can afford to pay upfront,” he said.
On the Renewed Hope Estates initiative, Mr Dangiwa said that the federal government planned to unlock the massive potential of housing development to create jobs, uplift lives and boost economic development.
According to him, the federal government also plans to deliver a total of 50,000 housing units across the country under phase one of the programme.
“This includes seven renewed hope cities that will have between 500 and 1,000 housing units per site in each of the six geo-political zones and the Federal Capital Territory. The renewed hope estates will have 250 units per site in the remaining 30 states,” he said.
Mr Dangiwa further disclosed that the housing projects were being funded from the N50 billion 2023 supplementary budget approved by President Bola Tinubu for his ministry to ensure sustainability, quality and geographical spread.
He said that the provision of land in a good location by Oyo State Government at no cost was a key condition for the siting the renewed hope housing project in the state.
“The 12 states covered under this 2023 supplementary budget are those that first provided land. I want to assure you that states that have not been covered will be included in the ministry’s 2024 budget on a first-come, first-served basis, on the condition that they provide land at no cost to enhance affordability,” he said.
On the economic prospects of the project, the minister said it would create jobs for over 6,500 people in various trades, from professionals such as architects, civil engineers and mechanical engineers to masons, plumbers, tilers, electricians and labourers.
“This is in addition to other economic activities, including those selling food, supplying blocks and providing building materials.
“The value chain effect of construction work on this site is significant and will create a positive economic impact,” he added.
The minister appreciated the state governor Seyi Makinde for promptly providing the land at no cost, saying that this singular action had helped in reducing as much as 30 per cent of the cost of the units in the estate for the benefit of potential homeowners.
