The partnership between the National Housing Finance Corporation (NHFC) and the City of Cape Town to modernize and maintain the city’s estimated 57,000 rental housing units will help provide decent, safe and affordable housing for people who live and work in the city. , Minister of Human Settlements, Water and Sanitation Lindiwe Sisulu said April 15.
The NHFC will fund, nominate and manage the database of contractors and suppliers, as well as provide commercial and technical support.
It has committed R 150 million to the initiative and more than 200 units will be completed by July. This will provide decent and affordable housing for over 400 households.
âWhat the NHFC is doing in the Cape Town metro needs to be extended to other subways. Our development finance institutions must commit their resources to revitalizing our city centers and funding a mix of development projects to develop social and affordable housing as well as student housing.
âThis project will help achieve urban restructuring, meet demand for housing, create jobs and transform communities,â Sisulu said.
The National Department of Human Settlements has initiated several social housing projects in Gauteng and the Western Cape, the latest being Anchorage, Cape Town, and Kempton Village, Ekurhuleni Town.
Sisulu challenged the NHFC, as the funder of the government’s national priority projects, to reach eligible households in the low to middle income market through the Individual Funding Grants program. One-time financial assistance for eligible recipients ranges from Rand 27,960 to Rand 121,626.
In the past 12 months, the NHFC has processed 2,815 applications and 2,120 of them have been approved.
To date, more than R60 million has been disbursed to 1,136 beneficiaries, which has contributed to the approval of more than R1 billion in mortgage loans by banking institutions, she said.