As part of the drive to create an enabling environment for Affordable Housing Development and Mortgage Creation, Nigeria Mortgage Refinance Company Plc (“NMRC”) executed an agreement with the Kaduna State Government (KDSG) and FHA Mortgage Bank to create a first of its kind Mortgage Blended Initiative aimed at mortgage creation and refinancing at single-digit with initial an initial Mortgage Interest Blended Rate Investment of N3 Billion.
The State Governor, his Excellency Mallam Nasir El-Rufai, after signing the agreement appreciated the participating institutions for agreeing to work with KDSG in establishing the blended rate programme and stated that the State had gone further to enact the Landlord and Tenant law that encourages, empowers and protects property owners and investors, in addition to the creation of a Mortgage and Foreclosure Authority as well as the passing into law of the Mortgage and Foreclosure Law (MMFL) in Kaduna State.
According to the Senior Special Adviser and Counsellor to the State Governor Mr. Jimi Lawal, the creation of the initiative is premised on Kaduna State’s successful strides in driving institutional and policy reforms to enable investment in housing finance.
The Managing Director of NMRC, Mr. Kehinde Ogundimu commended the Governor and noted in his remarks that Kaduna State is at the forefront of housing finance transformation and a model State in terms of ease of doing business and mortgage friendliness.
The creation of the blended financing initiative represents NMRC’s value preposition under the World Bank’s sponsored housing finance strategy aimed at removing barriers to housing finance and promoting the creation of an enabling environment for housing development and mortgage creation across States in Nigeria through the adoption and passage of NMRC’s proposed MMFL.