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AHCN Calls on State Governments to Back Rent-to-Own Housing Initiatives

The Association of Housing Corporations of Nigeria (AHCN) is appealing to state governments to promote affordable rent-to-own housing schemes for low and medium-income earners. The call was made by Dr. Victor Onukwugha, President of AHCN, during a two-day workshop that coincided with the association’s 48th Annual General Meeting and 111th Council Meeting in Abuja.
 
Dr. Onukwugha reiterated the critical need to address the housing issues that affect the majority of the population, highlighting problems such as insufficient housing finance, slow-moving mortgage markets, affordability challenges, complex land administration, and inconsistent implementation of housing policies.
The rent-to-own model proposed offers a practical solution, enabling tenants to gradually transition into homeowners by making regular rent payments that contribute towards homeownership over time. This scheme is particularly beneficial for those unable to afford significant down payments or secure traditional mortgages and offers a flexible route towards owning a home while living in it.
 
Dr. Onukwugha pointed out the lack of organized rental housing as a significant gap in the housing sector, emphasizing that addressing the needs of medium and low-income citizens through sustainable solutions is crucial. He noted the urgency in resolving issues such as inadequate financing, sluggish mortgage markets, land administration hurdles, and unstable policy environments.
Furthermore, he criticized the overlapping functions between state housing agencies and ministries, which he said could lead to inefficiency and wasted resources. Dr. Onukwugha stressed the importance of evolving with the times and adapting new approaches to effectively meet emerging housing challenges.
 
"It’s imperative that we collaborate as stakeholders to comprehensively address our housing issues," he stated. "The housing sector holds significant economic potential that can drive recovery if we align our efforts to tackle housing shortages and affordability issues effectively."
 
Dr. Onukwugha also advocated for focused policy formulation and oversight by housing ministries, suggesting that entities like the Federal Housing Authority should spearhead mass housing projects nationwide. He called for robust partnerships and advocacy to influence policy decisions at every level, ensuring that actions match the commitments made to resolve housing challenges in Nigeria.
 
Source: PunchNG

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