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The Cabinet has slashed by half the amount of deposit needed to purchase a house being constructed under the Affordable Housing Programme.
In its Tuesday sitting, the Cabinet endorsed the Affordable Housing Regulations, 2024, to operationalise the Affordable Housing Programme which will see buyers pay 5pc of the unit value as deposit from the 10pc.
“A key feature of the regulations is the reduction of the required housing deposit from 10pc to 5pc, lowering the barrier to entry for low- and middle-income earners. Other provisions include equitable housing allocation across income groups, access to low-interest or low-monthly-payment home loans, and structured deposit assistance for those unable to pay upfront,” read a dispatch from the Cabinet Office.
Since the inception of the programme in 2022, official figure indicate that 11,000 have already been delivered with another 150,000 in the pipeline.
“The regulations also guide the development, design, and maintenance of affordable and institutional housing across all counties. Additionally, they support long-term financing solutions for both development and purchase, and provide funding for maintenance and essential services within housing schemes,” said the Cabinet.
