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Business & Finance | 11 January 2017 21:39 CET

NPP proposes Housing Fund to subsidize cost of houses

By CitiFMonline

The Minister nominee for Works and Housing, Samuel Atta Akyea has stated that the NPP government will introduce a housing fund to subsidize the cost of housing for low income earners.

According to him, financing is one critical factor that has impeded Ghana's efforts at reducing the widening housing deficit.

Mr. Atta Akyea also believes the high cost of housing units has made it unattractive for real estate developers to build more housing units over fear of low occupancy levels.

“If the income levels are low by virtue of the economic situation, then there should be a Housing Fund in which the people are interested are interested in building housing will not be motivated to build houses that people will not occupy ,”he said.

Mr. Atta Akyea further explained that the Housing Fund should help restructure the current mortgage system that makes it difficult for low end income earners to meet their monthly obligations.

“What is critical is how to cushion the end user from a mortgage arrangement that will not dent his pocket. Mortgages are usually a factor of one's income; somebody cannot afford an eight bedroom house while another can afford a single bedroom house. But the income levels should just be enough to take care of the mortgage payments to make every month,”

Lawyer Atta Akyea made the remarks when he spoke to journalists after his nomination on Wednesday.

The Member of Parliament for Abuakwa South also identified his priority to be to pursue government's affordable housing agenda upon his approval by Parliament.


By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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