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The Addis Ababa Housing Development Enterprise (AAHDE) and the state owned financial giant, Commercial Bank of Ethiopia (CBE) signed the deal to realize the 40/60 housing scheme.
The new housing plan is expected to begin this fiscal year and will include city dwellers, who can save 40 percent of the total cost of the home they wish to acquire.
According to the plan, the state bank will cover the cost of the houses, while the remaining 60 percent of the cost will be paid within 17 years.
According to the Ministry of Urban Development and Construction’s statement, the two enterprises (AAHDE and CBE) will sign the financing scheme tomorrow afternoon at the Ministry hall.
According to sources at the Ministry office, the registration of the new housing scheme will commence in the coming week although this has not been officially confirmed.
This affordable housing scheme was introduced two years ago when the government announced its five year GTP program. However the project is just getting off the ground now.
The houses will be divided into three levels. Recently, Kuma Demeksa, Mayor of Addis Ababa, said that site selection and other pre conditions have been completed to begin the construction of 10,000 houses in this fiscal year.
Registration will begin at 30 branches of Commercial Bank of Ethiopia (CBE).
According to the new scheme, the cost is determined by the number of bedrooms that the house has. The cheapest price is 128,590 birr for a house with one bedroom that has 55sqm total area. Two bedroom homes cost 200,475 birr and are 75sqm, and the price of the biggest house is 320,000 birr with three bedrooms and 100sqm of space.
According to the plan, residents have to save 857 birr per month to qualify for the one bedroom home, 1,337 birr for the two bedroom and 2,133 birr for the three bedroom houses per month. If a potential resident can save the 40 percent within a short period of time, they will be able to obtain their home sooner than those applicants who will save the first down payment as per the schedule.
Kuma said they will soon make public the criteria as to how people can qualify for the new housing program and the registration process.
Though affordable, these houses are expected to be of higher quality and more spacious than the currently undertaken condominium housing projects.
To solve the residential housing problem, which is one of the major snags in the city; the government has been working on affordable housing projects for the past decade.
Low cost housing projects, popularly known as condominiums, were first introduced in the capital city in 2004 when the city administration was in the hands of former Mayor Arkebe Equbay, who is now a construction sector adviser for the Prime Minister.
But the low cost housing project is not satisfying the demand. The government has constructed tens of thousands of houses since the program was launched.
The housing scheme with a 40/60 percent payment is being introduced by the government to address the residents that are able to pay a little more than the condominium’s cost.