IFC invests in bond to support access to affordable housing in Tanzania

TANZANIA – To help increase access to longer-term, affordable mortgages and housing in Tanzania, the International Finance Corporation (IFC), has subscribed to a corporate bond issued by the Tanzania Mortgage Refinance Company (TMRC) as a strategy to make longer-term, affordable mortgages and housing accessible in Tanzania. TMRC was listed on the Dar es Salaam Stock Exchange on July 15th. The TMRC bond will support access to mortgages, helping Tanzanians more easily purchase homes in a country where access to longer-term financing has traditionally been constrained. The listing follows approval granted…

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Housing Finance Bank Uganda and Buganda Land Board ink mortgage facility deal

UGANDA – The Uganda’s Housing Finance Bank (HFB) has inked a business deal with the Buganda Land Board (BLB) and the Chinese construction firm, Guoji Group Company, to provide mortgage facilities to prospective homeowners at Mirembe Estate Sentema, located 13 kilometres from the northern by-pass in Kampala. The project consists of a 444-housing estate on a 50-acre piece of land, that has one to three bedroomed properties, and fully furnished with a vocational school, an industrial park, health facilities, restaurants, shopping mall and recreational centres. HFB Managing Director, Michael Mugabi,…

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Kenya to receive US$72.8m from UK for affordable housing scheme

KENYA – Th United Kingdom has pledged US$72.8 million to Kenya to fund the construction of affordable housing. UK Foreign Secretary, Dominic Raab said that the funding which will come in tranches, is part of the UK government’s support of President Uhuru Kenyatta’s vision of providing 100,000 affordable housing to Kenyans. Of this amount, US$9 million will be from the UK funded InfraCo and another US$63.7 million from private investors, both coming in as part of the UK government’s investment on infrastructure in Africa. “The US$72.8 million deal including US$9million…

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Kenya govt engages Hydro Developers to construct 30,489 affordable houses

KENYA – Nairobi-based real estate developer Hydro Developers Limited has partnered with the Kenyan government for the construction of approximately 30,489 affordable units under the country’s Big Four Agenda, at a cost of US27.3 million. The project dubbed ‘Hydro City’ will sit on a 302-acre piece of land in the Kamiti area in the outskirt of Nairobi. The project will comprise 10,166 studio units of 31 SQM, 9,384 one-bedroom units of 45SQM, 6,256 two-bedroom units of 62 SQM, and 4,692 three-bedroom units of 91 SQM. Specific unit prices are yet…

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Housing Finance Bank, AFD sign US$12.5m agreement for affordable housing in Uganda

UGANDA – Housing Finance Bank (HFC) Uganda and Agence Française de Développement (AFD) have signed two financing agreements of US$12.5 million to support the development of a housing finance offer adapted to the needs of the people in Uganda. The US$11.8 million line of credit from AFD aims to finance the deployment of Housing Finance Bank’s housing microfinance and affordable housing offer, enabling them to diversify the mortgage loan offer to include low and middle-income populations, who currently do not have access to an adequate financial offer. “We are proud to…

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Investment company Centum launches US$64m affordable housing development

KENYA – Centum Investment Company Plc, a public East African investment company, has announced that its real estate subsidiary has launched a new 268-unit affordable housing development in the Kasarani area in Nairobi at a cost of KSh7 billion (US$64.77m). In a statement, the company says the development, branded 265 Elmer One Apartment, seeks to provide quality affordable apartments that offer competitive rental rates and capital returns to residential real estate investors, that are also ideal for owner-occupier buyers. 265 Elmer One Apartments will offer first in market design product…

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Mezzanine fund manager Vantage Capital invests in affordable housing development

SOUTH AFRICA – Vantage Capital, a mezzanine fund manager, has provided R82 million (US$4.98m) of mezzanine funding for the development of Kayalane Heights, a first-of-its-kind affordable housing development located in Lebowakgomo, Limpopo. The promoter of the transaction is the Alleyroads Group, a South African black-owned property development company led by Ivan Pretorius. Since its inception in 2009, Alleyroads has built more than 3,000 residences across South Africa including over 1,500 affordable homes. “We are proud to support one of South Africa’s leading black developers who is seeking to narrow the…

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