US$ 25BN SET ASIDE BY KENYA GOVERNMENT FOR HOUSING PROJECT

Kenya government partners with 35 private firms to construction one million houses by 2023 to increase its housing unit by reducing corporate tax.

The fund that is been set aside by the government is for the construction of one million houses before 2023 after securing a partnership with 35 private firms. The project is expected to help the housing sector affordable in the nation according to President Uhuru Kenyatta’s big four action plans which is set to take effect soon.

Transport Cabinet Secretary James Macharia, ”As a step towards implementing the New Urban Agenda, parliament has approved a number of facilitative policies which include the National Urban Development Policy, National Building Maintenance Policy and National Slum Upgrading and Prevention Policy.”

The parliament is expected to enact the Urban Areas and Cities Act and that the ministry will develop sectionals papers and facilitate change of laws, especially on land utilization and the government has already procured some incentives to facilitate private sectors to invest in low income housing.

The initiatives include the reduction of corporate tax and scrapping of levies charged by the National Construction Authority (NCA) and the National Environment Management Authority (NEMA).

The project will in the long run proffer solution in the housing sector which currently stands at 50,000 unit less against the required 244,000 in different market segments every year.