The Federal Ministry of Housing and Urban Development has consistently highlighted the nationwide housing deficit.
One significant initiative to address this issue is the Renewed Hope Cities and Estates Programme, led by the Federal Government.
After meticulous preparations, the program is on the brink of starting. President Tinubu’s participation in a groundbreaking ceremony in Abuja on Thursday, February 8, 2024, will mark the initiation of construction for 3,112 housing units, as earlier reported by Nairametrics.
This article by Nairametrics offers a comprehensive overview of the Renewed Hope Cities and Estates Programme, drawing upon information sourced from the Ministry of Housing and Urban Development to provide a thorough understanding of the project.
Here’s everything you need to know about the Renewed Hope Cities and Estates Programme:
- President Tinubu earlier authorized N100 billion for the Ministry of Housing and Urban Development in the 2023 Supplementary budget and allocated N18.9 billion in the 2024 budget for the execution of the Renewed Hope Cities and Estates, alongside Urban and Slum Upgrading programmes.
- The Renewed Hope Cities and Estates Programme is a component of a Public-Private Partnership project established in December 2023 between the Ministry and a consortium of companies, namely Continental Civil and General Construction Limited and Ceezali Limited. This collaboration seeks to construct a total of 100,000 housing units nationwide.
- The Minister of Housing and Urban Development, Arc. Musa Dangiwa, issued Land Allocation Requests to all states for the Renewed Hope Cities and Estates Programme, urging a minimum of 50 hectares of land in proximity to their respective state capitals.
- The initial stage of the Renewed Hope Cities and Estates Programme aims to provide 20,000 housing units in the FCT, with 3,112 units designated for construction at the Karsana site.
- The developers are funding the PPP project to erect 3,112 housing units in Karsana, FCT, and have secured the land. Meanwhile, the Ministry of Housing and Urban Development is leading efforts to create a favourable environment and will assist in facilitating access for prospective homeowners sourced from subscribers to the National Housing Fund (NHF) Scheme, managed by the Federal Mortgage Bank of Nigeria (FMBN), an agency under the Ministry’s purview.
- Each Renewed Hope City is slated to feature at least 1,000 housing units per site within one location in each of the six geopolitical zones of the country, including the FCT. Concurrently, Renewed Hope Estates are expected to feature a minimum of 500 housing units per site across the remaining thirty (30) States.
- The Renewed Hope Cities and Estates are envisioned as inclusive residential communities catering to diverse income levels. They will encompass one-bedroom, two-bedroom, and three-bedroom apartment blocks tailored for low to medium-income earners, as well as two-bedroom terraces, four-bedroom terraces, four-bedroom duplexes, and five-bedroom duplexes designed for high-income individuals.
- The Ministry of Housing and Urban Development will soon initiate several PPP projects as part of the Renewed Hope Cities and Estates program. These projects include 2,500 housing units in Renewed Hope City at Ibeju-Lekki Coastal City, Lagos, a 500-unit Renewed Hope Estate in Kano, and 250 housing units spread across twelve states, with two Renewed Hope Estates in each geopolitical zone: Ogun, Oyo, Akwa Ibom, Delta, Abia, Ebonyi, Nasarawa, Benue, Yobe, Gombe, Katsina, and Sokoto.
- The Renewed Hope Cities and Estates programme would operate as a cross-subsidy initiative, with 80% of the housing units sold at commercial rates and the remaining 20% offered at concessional rates to low- and medium-income Nigerians affiliated with the Nigeria Labour Congress and the Trade Union Congress.
- The concept behind the cross-subsidy arrangement is to utilise profits generated from the commercial units to subsidise the units designated for low- and medium-income earners.
- Under the Renewed Cities and Estate Programme, several ownership avenues are accessible to Nigerians, aimed at enhancing housing affordability. These options include single-digit, 30-year mortgage loans facilitated by the Federal Mortgage Bank of Nigeria, Rent-to-Own schemes enabling beneficiaries to reside in properties and contribute towards ownership through periodic payments, and Outright Purchase options tailored for high-income earners.
- The Renewed Hope Cities and Estates project is included in the list of the President’s Top 10 projects for 2024.
