A tripartite agreement that will yield 1,000 affordable housing units in Enugu State has been sealed by a team of developers, the state’s housing corporation, and a mortgage firm.
The agreement between Mahfmead, a joint venture Alpha Mead Development Company (AMDC), and Mahfas Investment Limited with Enugu Housing Development Corporation (ESHDC) and AG Mortgage will play a pivotal role in bridging the housing deficit in the state as well as reduce the barrier to homeownership for citizens.
The development is projected to deliver a one-stop solution for prospective subscribers, by guaranteeing end-to-end service in their homeownership quest; from acquisition, development, and affordable mortgages at a six per cent interest rate to acquire the housing units.
The homes, which are a mix of one, two, and three-bed bungalows will be located along the Enugu-Onitsha Expressway. Contemporary construction techniques that combine state-of-the-art technology and global best practices will be deployed in the development of the houses to assure uptakers of both comfort and building longevity.
“Our teams have done an outstanding job in over nine months conceptualising, planning, and designing this project to bolster the availability of affordable housing in the state and country at large.
With the national housing deficit at an estimated 17 million and our vision of providing quality homes across Africa, we sought like-minded stakeholders with a shared vision to collaborate with on the project.
“We will also like to appreciate the ESHDC management on its approach to addressing housing needs of the state. It is our hope that the success of this project will spur more private developers into contributing their quota to the reduction of the gap,” said Managing Director, AMDC, Damola Akindolire.
“We are very pleased to work on a project with such far-reaching impact, having delivered over 5,000 homes for various institutions. Our partnership with Alpha Mead will afford us the opportunity to combine our strength and contribute to the development of the housing sector in Enugu State and Nigeria,” said CEO, Mahfas Investment Limited, Sule Salau.
Mahfmead aims to promote the delivery of 10,000 affordable homes nationwide over the next two to three years while providing prospective customers with accessible sources of funding to bankroll the project through a partnership with AG Mortgage Bank Plc.
Mahfmead was incorporated to improve the lives of Nigerians by providing them with homes with flexible payment terms and supplying the necessary infrastructure as well as documentation to engender it.
The Managing Director, AG Mortgage Plc, Ngozi Anyogu, said the project aligns with their vision to smoothen the process to homeownership for Nigerians.
“Interested prospects will not only be granted unrestricted access to long-term loans but will get it at a below-market interest rate to revalidate our commitment to connecting Nigerians to quality housing loans,” she said.
The General Manager, ESHDC, Chukwuemelie Agu, commended the partners and restated the commitment of the state government to support such projects.
He also encouraged more private sector entities to enter developmental partnerships with the government.