The government has introduced housing incentives to cooperative movements expected to spur growth in the housing sector.
Through the Miscellaneous Amendment Act of 2017, the government has approved mortgage relief to cooperatives with a minimum of 100 housing units and a 15% real estate corporate tax for housing cooperative movements.
This was revealed by Industrialization Cabinet Secretary Adan Mohammed during national celebrations to mark the 96th International Day of Cooperatives locally known as Ushirika Day.
This year’s theme was sustainable consumption and production of goods and services.
It is here that the CS announced incentives in line with the government’s agenda of providing affordable housing to citizens.
Cooperative societies are expected to contribute 25% of the country’s housing demands.
Mohammed applauded the over 22,000 cooperative societies in the country for their role in boosting Kenya’s economy saying they are even more crucial in spurring growth in the manufacturing sector.
Ushirika Day is marked annually to reflect on achievements of the co-operative movement and members are not disappointed.
In Tharaka Nithi County, Vice-Chairman of Co-operative Bank of Kenya Julius Riungu encouraged the cooperatives to endeavor to improve the welfare of members.