By Aliyu M. Dangida
The Federal Mortgage Bank of Nigeria (FMBN) and the Family Homes Funds (FHF) has signed a strategic partnership agreement to deepen delivery of affordable housing to Nigerians.
The agreement is designed to enable the two federal government owned institutions to leverage their respective housing development mandates towards tackling the Nigerian housing crisis and the successful implementation of Buhari administration’s affordable housing roadmap.
Under the terms of the MoU, the Federal Mortgage Bank of Nigeria (FMBN) would provide mortgage loans for houses that are being developed by the Family Homes Funds (FHF) for beneficiaries who are contributors to the National Housing Fund (NHF) Scheme.
The scheme requires workers to contribute 2.5% of their monthly income, which qualifies them to access all FMBN products and services.