Rent-to-own option traps affordable homes billions

President William Ruto joins traditional dancers during the inspection of the Affordable Housing Project in Nyahururu Town, Laikipia County.

Photo credit: PCS

The government is struggling to turn its affordable housing programme into cash to fund the next phase of accelerated construction, with completed homes filling faster than revenue generated from sales and upfront deposits.

The Affordable Housing Board collected Sh212.342 million from sold units in the year to June, against a Sh15.25 billion target, achieving only 1.4 percent of projected revenue.

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Note: The results are not exact but very close to the actual.