‘Renewed Hope Estate Programme Will Reduce Housing Deficit’

The Alcazar Roseline Concept Group (ARC) Ltd, a pioneer in sustainable and affordable real estate solutions, especially among Nigerian youths, has applauded the Federal government’s groundbreaking initiative through the Senate Housing Committee’s recent endorsement of a N500 billion annual allocation for the Renewed Hope Cities and Estates Program.

The programme was launched by Bola Ahmed Tinubu, GCFR, under the Ministry of Housing and Urban Development, aiming to deliver quality, decent, and affordable housing to all Nigerians.

The group’s Founder and Chief Executive, Judith E. Chiemeke, made the commendation last weekend in Abuja.

Ms Chiemeke said: “The 1,250 housing units in Katsina, Kano, Yobe, and Gombe is only a start to bridge the housing deficit of over 52% of Nigeria’s population who live in shanties, squatter communities, and informal settlements with the Senate Housing Committee Endorsing a N500 billion annual allocation for Renewed Hope Estates of which the deficit is expected to require an investment of at least N21 trillion to provide adequate housing for the population.”

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She said, “Phase One of the programme has successfully covered 13 states and the Federal Capital Territory with a total of 6,612 units since the flag-off in February 2024, with most of the units slated to be completed by the end of 2024; the program features housing units of 1-, 2- and 3-bedroom semi-detached bungalows under construction, the program also seeks to address social inequality by providing a broad range of affordable ownership options. This includes single-digit and up to 30-year mortgage loans provided by the Federal Mortgage Bank of Nigeria, Rent- to-Own options where beneficiaries can move in and pay towards home ownership in monthly, quarterly, or annual instalments and Outright Purchase for high-income earners.”

The group commended the government’s efforts in providing affordable housing solutions, creating job opportunities, and stimulating economic growth. The programmes’ focus on sustainability and affordability aligns with the company’s mission and values.

She said, “As a leading real estate company, we recognise the significance of this initiative and its potential to transform the housing landscape in Nigeria and serve as a catalyst to economic growth. We encourage other states to provide free and unencumbered land to facilitate the program’s expansion and also encourage Public-Private Partnerships (PPP).”