The Ministry of Housing in collaboration with Treasury will soon float a housing bond to aid the National Housing Corporation in raising the requisite funds to expand housing in the country.

Housing Minister Soita Shitanda said on Tuesday that NHC was unable to meet demand for housing which now stood at 150,000 units per year due to lack of funding and land on which to construct the houses.

The Minister said the cost of rent in the country is too high and unsustainable, sapping up, over two-thirds of the total individual remuneration.

The Minister said for the cost of housing to come down, there is need to change the building code that will allow developers to put up houses using cheaper but durable material while reducing the time consumed in the construction of affordable houses.

National Housing Corporation Chairman Bosire Ogero said the Corporation is exploring the possibility of encouraging private public partnerships in developing housing units, in order to bridge the huge gap between demand and supply of adequate and affordable housing.