FHA to allow relations of mortgage defaulters sustain payments

The Federal Housing Authority (FHA) is to introduce a scheme that allows relatives of an individual continue payment for a mortgage in case of default.

The Managing Director of FHA, Senator Gbenga Ashafa made this known while briefing newsmen in Abuja at second day celebration of the Authority’s 50th anniversary.

Senator Ashafa explained that the initiative was by the president of the nation, Bola Ahmed Tinubu to enable average Nigerians access to quality and affordable houses through soft payment of Mortgages that could be extended over a period that enables relatives benefit from the programme.

He maintained that the Authority was in collaboration with state governments for the construction of houses which would also be delivered to Nigerians through the Rent to Own Model.

Senator Ashafa expressed gratitude to the Niger State Government for offering hundred hectares of land for the development of housing units.

“Most of the state governments have seen the need to give us percels of land not outside of the metropolis where after building them it would be very difficult to accept. Rather, they are giving us percels of land within the area not too far away from the city centres,” he said.

The Managing Director noted that part of activities to commemorate the 50th anniversary of the Authority was to bring stakeholders together to discuss challenges and solutions to the nation’s housing sector.

A former Managing Director of the Authority, Brigadier General Tunde Reis stressed for strict implementation of the Social Housing Strategy to enable the Federal Housing Authority delivery its mandate effectively.

A Keynote Speaker, Mr Akeem Oguniran congratulated the Federal Housing Authority for its achievements in the last fifty years and emphasized the need for government at all levels and other stakeholders to ensure strict regulation of the housing sector to check fraud by fake estate developers.

He said regulations provide the platform for the growth of the sector.

Mr Oguniran noted that some of the challenges caused by non-compliance to regulations include frequent building collapse across the country.

SOURCE: FRCN