The Housing Development Advocacy Network (HDAN) has passionately appealed to the National Assembly to provide necessary support to Family Homes Funds Limited (FHFL), emphasizing its crucial role in delivering social housing across Nigeria.
The advocacy group stressed that sustained legislative backing is essential to ensuring affordable homeownership for low-income earners, particularly in light of rising construction costs and economic fluctuations.
The Executive Director of HDAN, a pioneering advocacy group, articulated this call in a statement released in Abuja highlighting its long-standing struggle pushing for the establishment of a dedicated entity responsible for providing housing for low-income Nigerians.
The group acknowledged that the previous administration of President Buhari responded to this need by creating Family Homes Funds with a target to deliver substantial housing units, and since its inception, FHFL has delivered over 20,000 houses across various states.
This achievement underscores the organization’s capacity to contribute to addressing the nation’s housing deficit, yet challenges persist.
The advocacy group pointed to the drastic increase in exchange rates and the consequential impact on the cost of building materials. Cement prices, for instance, have surged from about 2,000 naira per bag to approximately 10,000 naira, creating a substantial hurdle for affordable housing development.
In light of these challenges, HDAN is urging the government and the National Assembly to create incentives that enable low-income earners to access housing through Family Homes Funds. The group advocates for the support of initiatives like rent-to-own, student housing, and help-to-buy schemes, aimed at making homeownership more attainable.
HDAN also calls upon state governments partnering with Family Homes Funds to prioritize the allocation of completed houses to first-time homeowners, ensuring that the social housing program benefits its intended recipients.
The advocacy group insists that by reinforcing legislative and financial backing, the National Assembly can play a pivotal role in safeguarding and expanding affordable housing opportunities for millions of Nigerians.
Speaking on the matter, HDAN’s Executive Director, Festus Adebayo, emphasized the importance of continued support, stating, “The National Assembly must step up and ensure that Family Homes Funds receives the necessary backing to continue its vital work. Housing is a fundamental human need, and without affordable options, millions of Nigerians will remain in precarious living conditions. We have seen the impact of FHFL’s efforts, but they need sustained financial and policy support to scale up and reach more people. The rising cost of construction materials has made it even more critical for the government to step in with strong incentives and funding mechanisms.”
The call for support comes amidst recognition of Family Homes Funds Limited’s strong financial standing and contributions to the housing sector. Rating agency Agusto & Co. recently upgraded FHFL’s rating from “A+” to “Aa-,” citing the company’s financial stability, commitment to affordable housing, and strategic approach to sustainable development.
The rating upgrade also reflects FHFL’s rising developmental impact, strong capitalization, good liquidity and funding profile, experienced management team, and good asset quality while reaffirming FHFL’s commitment to leveraging its financial strengths and strategic partnerships to create lasting impacts in Nigeria’s housing sector.
Family Homes Funds Limited has been at the forefront of reducing Nigeria’s housing deficit by financing the development of affordable homes and promoting innovative paths to homeownership. The company also aims to foster the development of relevant skills, support the industry, and generate employment.
Since its establishment, Family Homes Funds Limited has achieved significant milestones, including a strong focus on affordable housing, recognition through numerous awards for their housing initiatives and finance products, consistent maintenance of strong credit ratings, successful issuance of Sukuk bonds, and the implementation of impactful housing projects across the country.
The FHFL has commissioned housing estates for low-income families, handed over homes to civil servants and families affected by conflict in areas such as Chibok, Borno State among others, and is actively involved in large-scale projects like the Renewed Hope Cities and Estates project and student housing programs across the country.
FHFL has also been recognized for its transparency and integrity, ranking highly in indices that measure these qualities. The organization has implemented innovative programs like the “Help-to-Own” scheme, assisting low- to middle-income earners with homeownership.
With increasing construction costs and economic uncertainties, HDAN reiterated that Family Homes Funds requires unwavering legislative support to sustain its efforts and continue making housing accessible for all Nigerians.
