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State announces Sh3,000 low-cost mortgages in drive

Tuesday October 04 2022

City residents will pay between Sh3,000 to Sh10,000 monthly to own one of the 15,000 affordable houses under construction, as the government steps up its housing agenda.

IN SUMMARY

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City residents will pay between Sh3,000 to Sh10,000 monthly to own one of the 15,000 affordable houses under construction, as the government steps up its housing agenda.

President William Ruto said bedsitters will go for Sh3,000, one bedroom for Sh5,000 and two bedrooms for Sh6,500 under the social housing tenant purchase scheme that will see them own the houses after 20 years.

For affordable housing, one bedroom will go for Sh6,600 and a two-bedroom for Sh10,000 under the mortgage plan.

Dr Ruto said that the Mukuru project, which intends to put up 15,000 housing units, will have markets, schools, clinics and hospitals for the beneficiaries to access the services at their convenience.

"Let me make this clear and for the avoidance of doubt so that no one will come later and change the prices," said President Ruto.

He was speaking during an inspection tour of the multi-billion project located on a 55-acre land formerly belonging to the Kenya Meteorological Department but had been grabbed.

He said the project is targeting Mukuru residents to be new homeowners once the project is complete and will go a long way in helping sort out the Mukuru slums problem where 110,000 households sit on about 700 acres of land. “We want to turn the rent into a mortgage so that they can own the houses after 20 years. The Sh3,000 they are paying for rent there, they will come and pay as a mortgage,” he said.

The first five blocks are under construction with the government working on the internal infrastructure, including sewer lines, drainage and roads within the site. The project will also house a fire station, shopping centre, and a kindergarten.

“This is a huge piece of land that can house about 300,000 people, three times the number of people who are currently living there and with proper facilities and everything else. The priority of the project is to get people living in Mukuru to come and live here,” said the President.

“This is the only place you pay to go to the toilet, pay more for water and electricity than in other parts of Nairobi and yet these are the people who are at the bottom of the pyramid,” he added.

→ comulo@ke.nationmedia.com

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