Housing Finance Group has inked a deal with real estate developer Technofin Kenya Limited to help prospective investors purchase Nairobi County affordable housing units at Pangani.
Under the partnership HF Group will also carry out the marketing and sales of the 1,562 housing units.
After a legal tussle between Nairobi County Government and tenants of the Pangani housing project over the redevelopment came to an end in which the court ruled in favour of the county government, construction of affordable housing units at the 5.2 acres property has started in earnest.
Project contractor Tecnofin Kenya Limited MOU with the Housing Finance Group will see the latter market and sell 1,562 housing units currently under construction. Under the MOU HF Group will also offer financial assistance to prospective home owners.
The project consist of two and three bedroom apartments that will range between 1 to 3 million Kenyan shillings.
HF Group CEO Robert Kibaara says such public private partnerships are key in bridging the 2 million housing deficit in the country.
Other estates earmarked for redevelopment by the Nairobi County Government in a facelift programme include Ngong Road Phases I and II, Uhuru Estate, New Ngara, Old Ngara, Suna Road, and Jeevanjee.