President Uhuru launches mortgage company for cheap homes

President Uhuru Kenyatta on Wednesday outlined the progress made so far in his Big Four agenda for economic growth, which he unveiled a year ago.. Launch date for building of low-cost homes out.

Kenya Mortgage Refinance Company is expected to will give property developers long term mortgage credit at fixed rates. credit guarantee scheme will support credit worthy individuals who work in the informal sector. World Bank and Africa Development Bank have committed $350 million to the mortgage refinance company.

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President Kenyatta has officially launched the Kenya Mortgage Refinancing Company (KMRC), a government-backed entity whose mandate is to deliver low-cost houses to low-income earners in the country. KMRC has been formed through a partnership between the government and the private sector.

President Uhuru Launches Mortgage Company for Low-Cost Houses. REAL ESTATE NEWS | May 22 2019.. Kenyan Workers Reject President Kenyatta’s Cheap Houses Monthly L. REAL ESTATE NEWS | Dec 14 2018. Dec 14 2018.

Arrange a credit line (e.g. with WB or AfDB) for providers of long term mortgages Set up the Kenya Mortgage Refinancing Company (KMRC) to manage low cost liquidity for mortgages Work with banks to expand offering to informal sector through new background checks

Under the arrangement, KMRC will advance money to mortgage companies and institutions financing housing on a wholesale basis for on-lending to members or account holders to buy or build homes.

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Uhuru launches mortgage refinance company to boost affordable housing agenda. President Uhuru Kenyatta said new venture will address.

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President Uhuru Kenyatta Wednesday signed into law a Bill creating a 15 percent tax relief for kenyans buying houses under the Affordable Housing Scheme. The President signed an amendment to the Income Tax Act to create a new section that establishes an Affordable Housing Relief set at 15 percent of the gross emoluments.

President Uhuru Kenyatta has said provision of affordable housing is one of his four key priority areas in his second term and aims at providing 500,000 affordable houses in five years.