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State invests housing levy billions in Treasury bonds
Housing Principal Secretary Charles Hinga when he appeared before the National Assembly Committee on Housing, Urban Planning and Public Works at Bunge Towers in Nairobi on May 21, 2024.
The government is investing Sh20 billion collected from the affordable housing levy in Treasury bills and bonds, signalling a low absorption rate for the funds meant to build cheaper homes for low- and middle-income households.
Bonds are medium to long-term government securities and their purchase indicates that the government is collecting the levy at a faster pace than it can deploy in the construction of the houses.
