The construction of a total of 746, 795 housing units is in the pipeline, undergoing various stages of delivery across the country.
President William Ruto made the announcement on Thursday during the State of the Nation Address, reiterating his commitment to addressing the housing challenge to ensure Kenyans live in safe and dignified structures.
“Low supply of affordable units in Kenya is acute, making rent a huge component of the cost of living for many households. The increase in affordable housing units is a strategic intervention to not only supply comfortable dwellings for Kenyans, but also as a means to reduce the cost of living,” said Ruto.
Consequently, the head of state said the construction of 46,792 units in various parts of the country is already underway, while another 40,000 are ready to commence construction.
President Ruto further lauded the affordable housing project for providing employment to thousands of Kenyans.
“50,000 Kenyans, who were previously unemployed, are now engaged directly and indirectly in this enterprise, and the numbers will significantly increase as the projects move into the next phases,” he stated.
The President noted that the houses will be supplied in three categories: Social, affordable and market rate, adding that the interest on financing for buying the various units will be at single digits.
“For social housing, the interest will be at 3 per cent, affordable housing 6 per cent and 9 per cent for the market rate category,” he said.
In addition, the government is constructing 400 markets across the country. The markets will ensure a dignified working environment for traders, complete with water, electricity, and other amenities.