Cytonn targets to put up 10,000 units in affordable housing plan

Written By: Allan Aoko
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Cytonn targets to put up 10,000 units in affordable housing plan
Government to streamline building permits to reduce cost of housing

Cytonn investment is targeting to put up 10,000 affordable housing units with the launch of its Cytonn Affordable Housing Investment Plan.

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The plan will see subscribers deposit up to 3 million shillings to access the housing units with a targeted yield of 11 per cent.

Chief Operating Officer Shiv Arora says will see potential homeowners obtain better financial positions in their path to homeownership.

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Following the president’s assertion of the Finance Bill 2019 on November 7th 2019, Fund Managers and Investments Banks registered under the Capital Markets Act are angling themselves to take advantage by creating solutions in government pillar programs such as the Affordable Housing Agenda.

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The government is confident of securing in excess of 483,000 affordable housing units from the ongoing projects by 2022.

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According to the investment firm, Cytonn Affordable Housing Investment Plan will provide secure savings to potential homeowners.

Under the plan Cytonn says, investors, benefit from reductions of their taxable income to a maximum of Kshs 8,000 monthly in addition to a tax exemption on interest income earned by the depositor on a HOSP deposit of up to a maximum of Kshs 3million.

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The firm projects a yield of 11 per cent for investors.

However, a platform that will enable individuals to develop a credit profile, as the savings made by a subscriber act as proof to a financial institution of their creditworthiness, thus raising their chances of accessing a mortgage loan upon maturity of the saving.

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