President Uhuru Launches Kenya Mortgage Refinancing Company
The President has today launched the Kenya Mortgage Refinancing Company (KMRC) at a Nairobi hotel in the presence of Treasury Cabinet Secretary Henry Rotich.
The Head of State, while launching the first mortgage refinancing company in the country, said that the Government is making deliberate interventions in the housing sector under the Big Four Agenda to make it more responsive to the middle- and lower-income segments of the population.
KMRC is an initiative which is a partnership between the Government and the private sector and will help in delivering the President’s affordable housing project agenda to the country.
“My Administration’s commitment to the people of Kenya as enshrined in the Big Four Agenda is on course. Every citizen deserves to live a dignified life that guarantees access to basic needs, provision of a decent shelter over their head being one of them.” He said.
The president further stated that the intervention is based on recognition that reaching the goal of adequate, safe and affordable housing for all, especially the lower income groups, there is the need to rethink of the traditional approaches used in the past.
The company will be partnering with key financiers like the National Treasury, seven commercial banks, World Bank and its subsidiary, International Finance Corporation (IFC) and mortgage lender HF Group in a bid to have the dream achieved.
The state will set aside Sh1.5 billion to assist the company to establish itself before opening it up for willing investors to put in more funds towards the housing agenda.
Earlier, the Housing Principal Secretary Charles Hinga had said that the company will operate as a private entity, tasked with the role by the state to see the agenda come to a success.
Moving forward, the company will advance cash to commercial banks, Saccos and mortgage companies on a wholesale basis to enable them to give cheap loans to home buyers. It is expected to enable mortgage financiers to issue 50,000 home loans in five years.
The Agenda if completed, will see a bedsitter costing a maximum of Sh800,000 to purchase and Sh1 million for a 2 bedroom while a 3-bedroom unit will cost Sh2 million.
Essentially, the maximum selling price will be Sh600,000 for a 1 bedroom and Sh1million for a 2-bedroom unit.
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