16 | NEWSFOCUS October 2, 2018 www.mygov.go.ke MINISTRY OF TRANSPORT, INFRASTRUCTURE, HOUSING AND URBAN DEVELOPMENT State Department for Housing and Urban Development AFFORDABLE HOUSING REPUBLIC OF KENYA www.housingandurban.go.ke four development areas, including food Not a Pipe Dream • Allow every Kenyan to own property • Decent housing built to modern standards • Monthly cost of home ownership to be equivalent to rental cost. Target • 500,000 units owned by Kenyans. • The State Department for Housing and Urban Development (SDHUD) has the developments across the country. Background • housing demand of 250,000 annually, end market. • In 2010, the demand for urban housing year, with demand projected to increase to nearly 300,000 units a year by 2050. By comparison, in 2013 only 15,000 in Nairobi, where most demand exists and most of these were for high-income apartments. • Only 2% of formally constructed houses are targeted to the lower income segments of the market, which account for the largest share of demand. • demand are for new housing only and do To enhance program segmenta�on we have defined four levels of housing types with only three (3) being the focus of the program • The high cost of formal housing means that home ownership is out of reach for most urban Kenyans, with vast majority of rental markets (91% in Nairobi). • Low cost mortgages. Social Income Range: KES 0 – KES 14,999 Share of Formally Employed: 2.62% Meeting with Kisumu Governor to Income Range: KES 15,000 – KES 49,999 Share of Formally Employed: 71.82%% Middle to High Income (This segment will be supported by KMRC and Funded by lower interest rates over a longer repayment period) Mortgage Gap Income Range: KES 50,000 – KES 99,999 Share of Formally Employed: 22.62% Financing Framework AHP Stakeholders workshop in Kenya School of Monetary Studies with Financial Institutions. Annual housing supply vs demand country wide At National Urban Mobility Forum,Crown Plaza Hotel. The Principal Secretary State Department for Housing, Charles Hinga Mwaura and Governor Siaya County, Mr. Cornel Rasanga SOURCE: State Department for Housing and Urban Development, World Bank Income Range: KES 100,000 + Share of Formally Employed: 2.85% Funding to be supported by the KMRC Low interest rates over a longer repayment period will apply
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